These are indeed difficult times. Grants and loans are being made available through a number of sources, but for many, the process of obtaining the funding is complicated and difficult to navigate.
Fortunately, there’s a fund that just launched and it’s designed specifically for those businesses that reside in largely underserved neighborhoods.
The TechTown Stabilization Fund opened on Tuesday, April 14, 2020 at 9:00 am and will close Friday, April 17th at noon, so there’s still plenty of time. The program offers grant loans of up $5,000 to those businesses that meet the following criteria (taken from the TechTown website):
- The business owner’s household income must be low- or moderate-income (≤80% of the Area Median Income). Business owners must provide proof of household 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).
- Businesses must be for-profit. Nonprofit organizations are not eligible.
- The business must have 10 employees/contractors or less.
- The business must have a business address in the city of Detroit, the city of Hamtramck, or the city of Highland Park.
- The business must have experienced a loss of income due to COVID-19.
- Grants may be used to cover the day-to-day operating expenses of the business, such as rent, payroll, utility bills or losses due to destabilizing events.
To learn more and complete the application process, click here.
