Detroit Means Business gets $9M ARPA boost to provide financial support to city’s small businesses – City of Detroit

by | Aug 3, 2022 | Business

Detroit Means Business gets $9M ARPA boost to provide financial support to city’s small businesses

Small businesses in Detroit to have access to millions in grants and loans, debt relief down payment assistance and technical assistance
First time DMB will be able to provide direct financial support to small businesses
New ARPA-funded programs will roll out by the end of 2022 and existing supportive services can be found today at www.detroitmeansbusiness.org
***Interview availabilities today with Kevin Johnson and business owners***

DETROIT – Thanks to a $9 million allocation approved by City Council last week, small businesses in Detroit who have been negatively affected by the COVID-19 pandemic soon will have the opportunity for direct financial support through Detroit Means Business (DMB), a small business service initiative housed within the Detroit Economic Growth Corporation (DEGC). The funds are coming from the city’s share of American Rescue Plan Act funds.

“The Detroit Means Business coalition is thrilled to see this investment in our small business community, particularly since our community was hit so hard by COVID-19,” said DEGC President and CEO, Kevin Johnson. “We all know that Detroit’s small businesses are the backbone of our local economy, and the heart and soul of our neighborhoods. I know that this will have a lasting and important impact on our small business community.”

$2M in Loan and Grant Awards to increase small business capacity
$3M in Small Business Debt Pay-Down Assistance, specifically for small businesses with high-cost debt
$2M in D …

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