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

Comcast RISE Program

The City of Detroit has been selected as one of five cities nationally to receive $1 Million in grants to small businesses in Detroit.

  • Eligibility: Established business operations for 3 or more years; 25 or less full-time and part-time employees
  • Max amount: $10,000
  • Deadline: March 1-14, 2021
Learn More
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
Learn More
Grant

SBA Shuttered Venue Operators Grant (Coming Soon)

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.

  • Grants equal to 45% of their gross earned revenue
  • Eligibility: Venues who suffered revenue loss due to COVID-19
  • Max amount: Up to $10M
Learn More
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: March 31, 2021 (It is recommended to submit ~1 week prior as applications take time to process)
Learn More
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
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
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
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

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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