DETROIT – TechTown is launching the Detroit Small Business Stabilization Fund with a goal of raising $250,000 to support the needs of small businesses impacted by COVID-19.
The fund will administer working capital grants in amounts up to $5,000 in partnership with the City of Detroit, the Detroit Economic Growth Corporation and Invest Detroit. Application instructions will be made available on Friday, March 20 via TechTown’s website.
Existential threats lay ahead for our local neighborhood businesses as in-person customer traffic vanishes. Grants of up to $5,000 will provide a critical life-line for a business community just starting to see real gains following the great recession. This support for operational costs like payroll can prevent the loss of a family’s livelihood.
Thanks to a generous lead gift from the Quicken Loans Community Fund, more than $125,000 has been committed; that is enough for emergency relief grants for 25 small businesses.
We are experiencing a time of unprecedented challenges to our community’s health and well-being. If you are able, please make a donation so that together we can at least double the number of small businesses receiving immediate relief.