Detroit Mayor Mike Duggan today launched a program to connect entrepreneurs and building owners in Detroit, giving them the chance to compete for $500,000 in matching grants each quarter.
“There is tremendous interest among entrepreneurs who want to open or grow their businesses in the city of Detroit,” Duggan announced in a press conference. “The Motor City Match program is designed to expand the business growth we are seeing in downtown, Midtown, and Corktown to key neighborhood corridors across our city.”
The program offers two application tracks: one for Detroit property owners with vacant space looking for new tenants. The other is for businesses that are looking to open in the city of Detroit.
Duggan says besides financial support, building and business owners may be awarded support services such as property listings on the Motor City Match website, free business planning classes, personalized help from real estate agents, and financial planning assistance, among other services.
Up to 10 projects will be considered for the highest award level, the chance to compete for $500,000 in matching grants (up to $100,000 per project). This year, there will be an additional $1 million in small business and renovation loans, and $1 million in support services available. A broad range of partners, including six lenders that will help to facilitate small business and construction loans, provides funding for the program.
Applications open today for the building track and close May 1. Business Track applications open June 1 and close July 1.
Information sessions will be held across Detroit in April and May. To apply, visit MotorCityMatch.com