Financial Resources

PPP Support

The U.S. Small Business Administration (SBA) is offering small businesses forgivable loans for up to 8 weeks of payroll through its Paycheck Protection Program (PPP). The City of Detroit is providing small business owners with individual personalized support to help them through the SBA application process.

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Which grant or loan is right for me?

There are several types of funding options that are available to potentially meet your small & medium business’s needs. Each type has specific characteristics that are important to understand. Multiple funding types may be right for you. Disclaimer: the recommendations are not exhaustive and do NOT guarantee approval.

Get additional assistance by filling out our request form here or contact us at our call center directly 844-333-8249

Grants

Grants are typically a no regret funding option, especially for businesses that are struggling financially, as the money does not need to be paid back.

Loans

Loans allow a business the flexibility to cover their expenses or make necessary investments, while paying back the money over time, typically with some interest.

Crowdfunding

Crowdfunding may be right for your business if the business has a large, supportive network willing to contribute to its success.

Narrow your search

Narrow your search

Grant Loan

Paycheck Protection Program (PPP)

Loan for small businesses who need working capital to keep workers on payroll.

  • Loan with potential forgiveness
  • Eligibility: Any business with <500 employees
  • Max amount: Up to $10MM determined by 8 weeks of prior average payroll plus an additional 25% of that amount
  • Program deadline: August 8, 2020 (It is recommended to submit ~1 week prior as applications take time to process)
Learn More
Grant Loan

Economic Injury Disaster Loan (EIDL)

Loan for small business owners who need working capital to help overcome temporary loss of revenue.

  • Loan with 3.75% interest up to $10,000 of which will not have to be repaid
  • Eligibility: <500 employees NOW OPEN for small businesses in addition to agricultural businesses.
  • Max amount: EIDL: Up to $2M
  • Program deadline: September 30, 2020
Learn More
Grant

Michigan Small Business Restart Program

  • Eligibility: Businesses and nonprofits with 50 or fewer employees, worldwide, located in Michigan who have NOT received a grant under the Michigan Small Business Relief Program (MSBRP)
  • Part of an industry or nonprofit that can demonstrate it has been impacted by the COVID-19 emergency
  • Needs working capital to support payroll expenses, rent, mortgage payments, utility expenses or other similar expenses
  • Demonstrates an income loss as result of the COVID-19 emergency as determined by the Michigan Strategic Fund (MSF).
  • Additionally, at least 30 percent of the funds awarded under this program will be provided to women-owned, minority-owned or veteran-owned eligible businesses.
  • Deadline: Opens July 15 and closes on Aug 5
Learn More
Loan

SBA Express Bridge Loans

In conjunction with EIDL for working capital and liquidity on the basis of business survival and/or re-opening

  • Loan with Prime + 6.5% interest
  • Eligibility: <500 employees, Express Lender, 'Existing relationship with an SBA
Learn More
Grant

MIWISH Grant Program

Matching grant to make improvements in workplace health and safety. Safety improvement must be evaluated correctly and employer must have knowledge to complete project.

  • Grant
  • Eligibility: <250 employees Employer must match the grant awarded
  • Max amount: Up to $5,000 matching grant
Learn More
Grant Loan

MWF Michigan Entrepreneur Resilience Microloan and Grant Fund

Recovery grants and loans to diverse entrepreneurs and small businesses from underrepresented groups in Michigan.

  • Grant Loan with 8% interest rate
  • Eligibility: <50 employees and <$500K in revenue Underrepresented ownership (e.g., veterans, minorities, low-income), have generated revenue for >1 year, negative impact on business due to COVID, business located in disadvantaged area, unable to access debt financing from a traditional source
  • Max amount: Up to $5,000 for grants, up to $10,000 for microloans
Learn More
Grant

Spanx Red Backpack Fund

Grants for female entrepreneurs in the US.

  • Grant
  • Eligibility: Majority women-owned 2-50 employees <$5MM in revenue in each of past 3 years
  • Max amount: $5,000 grants
Crowdfunding

Honeycomb Crowdfunded Small Business Relief Loans

Community-sourced loans for small businesses impacted by COVID.

  • Crowdfunding Loan with 3.75% interest for 6 months and 5%-7.5% for 3-year period afterwards
  • Eligibility: Financial qualifications (e.g., 1+ year of operating, breakeven/profitable in 2019, etc.)
  • Max amount: Up to $50,000 loans (potential for more)
Learn More
Crowdfunding

The Main Street Initiative

Small businesses that launch a capital raise on Mainvest may be eligible for a zero-interest loan.

  • Crowdfunding Loan
  • Eligibility: Brick and mortar businesses
  • Max amount: $2,000 loan
Learn More
Grant

Alice COVID-19 Business for All Grants

Emergency grants for small business owners impacted by this pandemic.

  • Grant
  • Max amount: $10,000 grant
Learn More
Crowdfunding

GoFundMe Small Business Relief Fund

Matching grants to qualifying small businesses that create a fundraiser.

  • Crowdfunding Grant
  • Eligibility: Raise at least $500 Business negatively impacted by a government mandate due to COVID Independently owned & operated
  • Max amount: $500 matching grant
Learn More
Crowdfunding

Build Institute Kiva Loans

0% interest loans for entrepreneurs.

  • Crowdfunding Loan with 0% interest
  • Eligibility: Small business owner
  • Max amount: Up to $10,000
Learn More
Grant

SBA Debt Relief

SBA will cover loan payments including principal and interest for up to 6 months.

  • Grant (must be used for debt payment)
  • Eligibility: <500 employees Current 7(a) / 504 / microloan or received one within six months of CARES Act
  • Max amount: 6 months of principle and interest on SBA 7(a) loans up to $5 million, 504 loans up to $5.5 million, Micro-loans up to $50,000
Learn More
Grant

Community Connections Bridging the Gap Response Fund

The grant’s primary focus is groups working with children ages 0-8 and/or their families. There is a smaller amount of funding available for groups working with children and young adults ages 9-18 Groups working with college bound youth are encouraged to apply.

  • Grant up to $2,500
  • Eligibility: Home-based and small center, licensed and unlicensed early child care programs (30 children or fewer)
  • Deadline: Until Funding is Used
Learn More
Loan

Main Street New Loan Facility (MSNLF) and Main Street Priority Loan Facility (MSPLF)

Loans to SMBs that were in sound financial condition before the onset of the COVID-19 pandemic.

Contact your bank to learn more and to determine if this is right for you

  • Low-interest loan
  • Eligibility: Has not received the PPP loan
  • Min amount: $250K minimum loan size
Grant

Wayne County Back to Work Small Business Grant Program

These grants will be given to small businesses to assist in opening their facilities after the extended COVID-19 shut down.

Eligibility is for a business located in Wayne County that meets all the following requirements:

  • 50 full time employees or less
  • Business over 1 year old according to tax documentation.
  • Located in a brick and mortar commercial building and is unable to accommodate work from home.
  • Business is in good standing with the State of Michigan
  • Business total revenue $1 million or less.
  • Amount: Up to $10,000
  • Deadline: Opens June 29th and closes July 10th
Learn More
Request help

Request help

We are always here to help. Fill out this form for free support with: PPP loan application, one-on-one coaching, health & safety guidance, and general inquiries.

Talk to us

Talk to us

Our COVID-19 SMB Call Center is open to take calls Monday - Friday 9am - 5pm.

Call us at 844-333-8249

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Marlene Brooks
Dymond Designs Beauty School

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Guy Pelino
Amore Da Roma Restaurant