$500K fund led by Ford to help small businesses near Michigan Central Station in Corktown
A new $500,000 small business fund will be available to entrepreneurs in Detroit's Corktown neighborhood.
The program, called Advancing Community Business, will support about 25 small businesses in and around the Michigan Central Innovation District with mentorship, education, training, grants and loans.
The program is being led by Ford's Michigan Central in partnership with business support nonprofits ProsperUs Detroit and Build Institute.
Small business owners located in and around Michigan Central Station, which Ford bought in 2018 to renovate and turn into a central campus in the Detroit neighborhood, will be eligible for up to $20,000 in loans.
ProsperUs Detroit will provide business development planning and mentoring.
"This program provides business owners the opportunity to set their own goals and create an action plan," said Chanell Scott Contreras, executive director of ProsperUs Detroit. "This approach positions business owners to make the best possible decisions about how to invest monetary capital, as well as other forms of capital."
Build Institute will provide training on growing a presence on social media, e-commerce platforms and digital marketing.
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“It was important for us to take a holistic approach to address business growth not only in dollars, but also education,” Clarinda Barnett-Harrison, Michigan Central community impact lead, said Wednesday in a news release.
“With Michigan Central being an open platform for partnership, we wanted to include nonprofit partners who could help us bring meaningful community engagement through this program. We think it could bring big changes such as new employment, additional locations and expanded footprints, even new or enhanced e-commerce operations for participating businesses."
The criteria for small businesses include:
An operation history of one to 10 years.
Two or more employees.
Annual revenue of less than $500,000
Scott Contreras said ProsperUs Detroit, which is recognized as a community development financial institution, and its partners agreed on creating a quick and short application for the program.
"We truly believe that we should be removing barriers to business ownership and the support needed to successfully own and grow a business," Scott Contreras said. "That requires looking at our own requirements and figuring out what is really necessary, and what can we learn later."
Applications for the program will close June 30. Small business owners can apply at MichiganCentral.com
Contact staff writer Chanel Stitt on Twitter: @ByChanelStitt. Become a subscriber or gift a subscription.
This article originally appeared on Detroit Free Press: Michigan Central to offer small business grants, loans, training
