Detroit Means Business gets a $9M ARPA boost to provide financial support to the city’s small businesses
***Interviews available now with Kevin Johnson and business owner***
DETROIT – Thanks to a $9 million allocation approved by the City Council last week, small businesses in Detroit that have been negatively affected by the COVID-19 pandemic will soon have the opportunity for direct financial support through Detroit Means Business (DMB), a small business. services initiative located within the Detroit Economic Growth Corporation (DEGC). Funds come from the city’s share of American Rescue Plan Act funds.
“The Detroit Means Business Coalition is excited to see this investment in our small business community, especially since our community has been 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 neighborhood. I know this will have a lasting and significant impact on our small business community.
The rest of the funds will be allocated for additional staffing programs and administrative services during the three-year project period, Johnson said.
“DEGC and Detroit Means Business have done a great job supporting Detroit’s entrepreneurs and as more small businesses open in the city, we need to expand our ability to help them succeed,” said Mayor Mike Duggan. “I am grateful that the City Council has approved another $9 million in ARPA funding for Detroit Means Business to help us help more Detroit small businesses in our neighborhoods.”
Originally created in early 2020 to provide technical support and connections to financial resources for small businesses struggling to survive the COVID pandemic, this new program represents the first time Detroit Means Business will be able to provide direct financial support to Detroit small businesses.
Nefertiti Harris, owner of Textures by Nefertiti, received non-financial support from DMB to navigate the COVID pandemic and recently opened her new location on Woodward Avenue near Grand Boulevard. He is a member of the Detroit Means Business (DMB) Small Business Owner Advocates (SBOA), which is a group of Detroit small business owners who volunteer their time as an advisory group that directly informs the strategy and direction of DMB programs. He was also assisted by a grant from the Motor City Match program, administered by the DEGC. Harris said he was excited when he learned that DMB now has millions of dollars to help other small businesses recover and thrive in Detroit.
“Activated during the pandemic, DMB business owners pledge to solve problems, source opportunities, advocate, and dedicate their volunteer time, fighting for easy access to capital. These newly allocated funds will allow DMB to reach out to many other businesses, offering them a wealth of information and opportunities will help support its growth and sustainability,” Harris said.
