Small Business
Financial Resources
Which financial resource is right for me?
There are several types of funding options available to meet your small and medium business's needs. Each type has specific characteristics that are important to understand. Multiple funding types may be suitable 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.
Crowdfunding
Crowdfunding may be right for your business if the business has a large, supportive network willing to contribute to its success.
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.
Investment
Investors provide capital for a business usually in exchange for convertible debt or ownership equity.
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.
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ELEVATE TOGETHER® powered by Round It Up America®
ELEVATE TOGETHER® powered by Round It Up America® is a nonprofit initiative designed to address systemic discrimination and historical racial disparities in business growth and profitability in Black and Hispanic communities.
Through a partnership with the National Urban League’s Entrepreneurship Centers and the U.S. Hispanic Chamber of Commerce, the initiative helps support Black and Hispanic small businesses with five or less employees. The ODP Corporation (parent company to Office Depot, ODP Business Solutions, Varis, and Veyer) is the initiative’s founding partner. The NCR Foundation also supported Elevate Together as a corporate partner in the initiative’s foundation year.
Eligibility:
MBBA Premium Member
Terms:
Max Amount:
Program deadline:
Application deadline:
Learn More
Entrepreneurs of Color Fund
The purpose of the Entrepreneurs of Color Fund (EOCF) is to support the growth and development of Detroit-based businesses owned and operated by people of color.
Eligibility:
Terms:
The EOCF specifically seeks to help small businesses with growth potential and management insight that might lack sufficient collateral or owner equity to qualify for financing from mainstream lenders. Businesses may use the capital to expand, finance equipment, address short-term cash flow needs and provide contractor lines of credit. Loans may range from $5,000 to $300,000.
Max Amount:
$300,000
Program deadline:
Application deadline:
Rolling