Financial Resources

PPP Support

The U.S. Small Business Administration (SBA) is offering small businesses forgivable loans for payroll and operation expenses 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

SBA Shuttered Venue Operators Grant (SVOG)

The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance. Eligible applicants may qualify for grants equal to 45% of their gross earned revenue. $2 billion is reserved for eligible applications with up to 50 full-time employees.

  • Eligibility: Venues who suffered revenue loss due to COVID-19; Grants to shuttered venues who in operation as of February 29, 2020 and have not received a PPP loan on or after December 27, 2020.
  • Max amount: Up to $10M
  • Applications open April 8, 2021
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Loan

CDC Small Business Finance Loan

CDC Small Business Finance offers affordable and responsible SBA financing to small businesses in Detroit. In addition, we offer complimentary business advising to loan applicants and existing borrowers. CDC Small Business Finance and Capital Impact Partners, a leading CDFI, partner in Detroit which is one of their place-based pilot programs.

  • Eligibility: Credit score of at least 620; Capital investment: 10% for startups and business acquisitions; Funds can be used for working capital, operating expenses, tenant improvements, equipment, business acquisition, and refinancing of business debt
  • Terms: 7-10 years, 25 years for real estate
  • Max amount: $10,000-$250,000
  • Now accepting applications
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Grant

2021 Elevate Small Business Grant Program

The Elevate Grant is a small business grant program that assists the growth and development of small businesses, their workforce, and the communities where they are located.

  • Eligibility: Must be located in Indiana or Michigan, and be sponsored by an FHLBank Indianapolis member
  • Max amount: Up to $10,000 for working capital and up to $20,000 for capital expenditures, workforce training, or a variety of other needs
  • Now accepting applications
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Grant

Visa She’s Next Black Women-Owned Business Grant Program

Visa is continuing to take action and remove the disproportionate barriers faced by Black women founders by providing this resilient & fast-growing segment of entrepreneurs with capital and coaching that will enable more Black women-owned small businesses to continue making an impact with their product or service.

  • Eligibility: Black women-owned businesses, located in the city Detroit, must be in business for 2+ years, have a minimum annual revenue of $24,000 or more, a growing business, a business that has a product or service in market, has a compelling digital presence
  • Max amount: $10,000 and a one-year IFundWomen Annual Coaching Membership
  • Deadline: April 15, 2021
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Loan

ProsperUS Detroit Microloans

Flexible loan capital for startups and existing businesses in Detroit, Hamtramck, and Highland Park. Low-to-moderate income entrepreneurs and those who might not have access to traditional sources of capital are welcome. Terms range from 1 to 5 years with 7% interest.

  • Max Amount: $50,000
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Grant Loan

Paycheck Protection Program (PPP)

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

  • Loan with potential forgiveness
  • Eligibility for 1st time Borrowers: Business with <500 employees, including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors
  • Eligibility for Second Draw: Business with <300 employees; used the full amount of loan; at least a 25% reduction in gross receipts
  • Program deadline: Extended to May 31, 2021 (It is recommended that applications be submitted as soon as possible)
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Loan

Huntington’s Lift Local Business℠ Program

New loan option with longer-terms, overdraft fee relief, and waived fees so that all business owners from all walks of life, backgrounds, ethnicities, and experiences can succeed in their industry.

  • Longer repayment terms
  • Eligibility: Women, veterans, and racially and ethnically diverse business owners
  • Loan amounts: $1,000 – $150,000
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 interest of 3.75% for businesses (fixed), 2.75% for non-profits (fixed) and 30 year term
  • Eligibility: <500 employees NOW OPEN for small businesses in addition to agricultural businesses.
  • Max amount: EIDL: Up to $2M
  • Program deadline: December 31, 2021
Learn More
Loan

Detroit Development Fund Micro and Small Business Loans

For working capital, acquiring machinery and equipment, and inventory for small businesses in Detroit, Highland Park, and Hamtramck, such as restaurants, coffee houses, retail stores, and service providers that require patient, flexible working capital to re-open or re-establish operations as a result of the COVID-19 pandemic.

  • 30 to 40 awards that will range from $5,000 to $250,000
  • Now accepting applications
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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
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
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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
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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
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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
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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