Detroit Entrepreneurs Looking to Start a Business Should Check Out the New Motor City Match Program

A new business grant program was announced by Detroit Mayor Mike Duggan in February that is designed to pump new life into Detroit businesses. The program is called Motor City Match and it's ready with $2.5 million for small companies, within the city and beyond, who are looking to start or expand their business in Detroit.

How the program works

The $2.5 million in program funding includes $500,000 every quarter in federal grant and foundation funding, $1 million in small business and renovation loans and $1 million in support services. The program is designed to connect building owners with prospective small business owners looking for space to either start or expand a business. The program benefits both by stimulating more small business activity and helping to restore building space across Detroit.

Program benefits

Grants will be available through Detroit's Economic Development Corporation, lending will be offered through six lending partners to help with small business and construction loans, and technical support services are funded by the U.S. Department of Housing and Urban Development Community Development Block Grants. Other program supporters in Bank of America, Ford Foundation, JP Morgan Chase, the Kresge and Kellogg foundations and others.

Deadlines

Both building owners and business owners must apply for the program. The first round of applications for building owners ends May 1, 2015, with a second round open from August 1 - September 1. Applications for small businesses will run from June 1 to July 1, with a second round running from Sept. 1 to Oct. 1.

For more information, visit www.detroitnews.com/story/news/local/detroit-city/2015/04/01/grants-match-businesses-building-owners/70789100/