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Detroit Translation Business Gets $9M ARPA Increase To provide financial support to small businesses in the city
- Small businesses in Detroit receive millions in grants and loans, down payment assistance and technical assistance.
- For the first time, DMB can provide direct funding to small businesses.
- New ARPA-supported programs will be released in late 2022 and current support services are available at www.detroitmeansbusiness.org
*** Today features interviews with Kevin Johnson and business owners ***
Detroit – Thanks to a $9 million allocation approved by the City Council last week, small businesses in Detroit that have been negatively impacted by the COVID-19 pandemic will soon have access to direct funding through Detroit Men’s Business (DMB), a small business service. The initiative is housed within the Detroit Economic Growth Corporation (DEGC). The funds came from the city’s American Rescue Plan Act fund.
“The Detroit Means for Business Coalition is thrilled to see this investment in our small business community, especially as our community has been hit hardest by COVID-19,” said DJC President and CEO Kevin Johnson. “We all know that Detroit’s small businesses are the backbone of our local economy, and the heart and soul of our region.” I know this will have a lasting and significant impact on our small business community.
- $2 million in loan and grant awards To increase the capacity of small business
- 3 million dollars in small business debt relief, especially for Small businesses with high debt
- $2M in direct small business support For digital support services, mentoring and training, development and strategy programming, technical support, workshops and seminars
The remaining funding will be allocated to additional program staff and administrative services over the three-year project period, Johnson said.
“The DEGC and Detroit Mean Business have done a great job supporting Detroit’s entrepreneurs, and as more small businesses look to open in the city, we need to expand our capabilities to help them succeed,” said Mayor Mike Duggan. “I am grateful that the City Council approved another $9 million in ARPA funding for Detroit Meaningful Businesses so we can help more Detroit small businesses in our area.”
Originally created in early 2020 to provide technical assistance and connections to financial resources for small businesses struggling to survive the Covid pandemic, these new programs represent the first time Detroit Means Business has provided direct funding to Detroit small businesses.
Nefertiti Harris, owner of Textures at Nefertiti, recently opened her new location on Woodward Street near Grand Boulevard, receiving a grant from DMB to help navigate the Covid pandemic. She is a member of Detroit Men’s Business (DMB) Small Business Owner Advocates (SBOA), a group of Detroit small business owners who volunteer their time as an advisory group that directly informs DMB’s strategy and program direction. She was also assisted by a grant from the Motor City Match Program administered by DEGC. Harris said she was excited to learn that DMB now has millions of dollars to help other small businesses in Detroit recover and thrive.
“In the midst of the pandemic, DMB business owners who have been active have pledged to solve problems, source opportunities, support and volunteer their time, fighting for easy access to capital. These newly allocated funds will allow DMB to reach many other businesses, providing them with more information and opportunities to help support their growth and sustainability,” said Harris.
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