TechTown is always ahead of the curve, and their response to COVID-19 is no different. During this time, TechTown has launched the Detroit Small Business Stabilization Fund to support the needs of small businesses impacted by the spread and closures during the Coronavirus pandemic.
TechTown has partnered with the City of Detroit, the Detroit Economic Growth Corporation (DEGC), and Invest Detroit to complete these efforts, and the result will be $5,000 grants to those who qualify.
TechTown CEO Ned Staebler said the following in a statement:
“We all know what very real threat lies ahead for our local neighborhood businesses as in-person customer traffic vanishes…“Grants of up to $5,000 will provide a critical life-line for a business community just starting to see real gains following the great recession. This support for operational costs like payroll can prevent the loss of a family’s livelihood.”
While anyone can donate here, the Quicken Loans Community Fund is investing $100,000 into TechTown’s Detroit Small Business Stabilization Fund as part of a donation the Quicken Loans Community Fund and Gilbert Family Foundation.
“Entrepreneurs and small businesses are the cornerstone of Detroit, and we want to ensure they are set up for success to weather the uncertain times ahead,” said Laura Grannemann, Vice President of the Quicken Loans Community Fund. “We are grateful for TechTown’s leadership in establishing the Detroit Small Business Stabilization Fund, and are proud to stand alongside the organizations providing support to Detroiters who are vulnerable to the effects of this ongoing pandemic.”
There is also a resource guide that TechTown has pulled together to assist Small Business owners during this time, which you can visit here.
To review the qualifications to apply for the loan, read below, or click here to see the application.
To mitigate barriers to capital for Detroit’s most vulnerable businesses, TechTown Detroit will administer an emergency fund that provides working capital grants in amounts up to $5,000 to qualifying small businesses. The following is the investment criteria for financial support:
- The business owner’s household income must be low- or moderate-income(≤80% of the Area Median Income). Business owners must provide proof of personal income based on their 2018 or 2019 tax returns.
- Business owners will need to provide their Social Security Number (SSN) OR Individual Taxpayer Identification Number (ITIN) number.
- The business must have ten employees or less.
- The business must have a physical establishment in the city of Detroit. Hamtramck and Highland Park-based businesses do not qualify. Our priority is to assist companies that sell products and services to their customers face-to-face. This includes Detroit-based food trucks.
- The business must have experienced a loss of income due to COVID-19.
- The program will be available to all citywide businesses meeting the eligibility requirements. Businesses with low-income owners located in neighborhoods at high risk for displacement will be given preference.
- Funding will be provided to business entities only. Your business bank account number, Michigan business entity identification number, and employer identification number (EIN) will be required. Click here for the Michigan business entity search to look up your Michigan business entity ID number.
- Grants may be used to cover the day-to-day operating expenses of the business, such as payroll or losses due to destabilizing events.
When will decisions be made on individual applications?
Applications will be reviewed on a rolling basis and decisions will be made as quickly as eligibility can be confirmed.
Does my income qualify as ≤ 80% of the Area Median Income?
|80% of AMI||$42,800||$48,880||$54,960||$61,040||$66,000||$70,880||$75,760||$80,640|
Chart data source: U.S. Department of Housing and Urban Development