Although business opportunities for women entrepreneurs exist, they are not easy to come across in the City of Detroit. That means you have to get ready to sweat to access some of these resources. And anyway, hard work pays. So, you have to work hard to get the tools and resources you need to achieve your business success. This article discusses the business opportunities benefits, and grants for women in Detroit, Michigan.
Detroit Business Opportunity Program (DBOP)
DBOP work to certify and recertify female-owned businesses based in or that have their headquarters in the City of Detroit. The program is not only for small businesses but also for micro-businesses, startups, those owned by the minority. Depending on the kind of business certification you get, benefits can include contracting opportunities, special events, like workshops, networking, and improving business visibility. Want to certify your business and unlock your benefits? Well, visit https://detroitmi.gov/departments/civil-rights-inclusion-opportunity-department/detroit-business-opportunity-program/detroit-business-certification to get started. Want to apply to be part of the program? The DBOP processes applications and maintains an online register. Learn more about the program at https://detroitmi.gov/departments/civil-rights-inclusion-opportunity-department/detroit-business-opportunity-program.
The ProsperUS Micro-Lending Program
The lending program provides female entrepreneurs and business owners with access to capital for startup and to expand already established businesses. The business women who have undergone the ProsperUS Detroit training program can submit their applications for funding in form of loans ranging from $15,000 to $25,000, depending on the stage of your business and the level of assistance you need to make your business thrive. Want to relocate your business? The program can help you with the finance you need to make your business dreams come true. For more details, please visit http://www.prosperusdetroit.org/micro-lending/.
Detroit Economic Growth Corporation (DEGC)
The Corporation helps female entrepreneurs by connecting them with the resources and opportunities, including help with business plan development and funding to help them grow. The DEGC helps small businesses through Motor City Match Program, which connects them with real estate opportunities, including financing and other tools to help achieve success. The program awards up to $500,000 after every quarter. The corporation also supports women-owned small businesses through the Motor-City Re-Store, a program, which awards participants with up to $500,000 grant to help them improve their storefronts. Read more about the program at http://www.motorcityre-store.com/. For more information about the DEGC, please visit http://www.degc.org/.
Opportunity Resource Fund
This is a non-profit loan fund, which is administered at the state level and its purpose is to support the development of small businesses owned by women in the surrounding communities. The fund program offers loans to both startups and already existing enterprises for expansion. The program participants can also use the funds for the renovation of their premises, purchasing land, inventory, or as working capital to carry out business expansion activities. Visit https://oppfund.org/ to learn more about the OppFund program.
Detroit Development Fund
The Detroit Development Fund provides financing opportunities for female entrepreneurs and business owners through loans and lines of credit to help them expand their enterprises. For more details, please visit https://www.detroitdevelopmentfund.com/.
CDC Small Busines Finance Loan
The CDC Small Busines Finance Loan offers funding support to the women-owned small businesses in the City of Detroit through loans. They also provide business advice to women regarding finance management. Who is eligible for the program support? Well, to qualify for CDC funding, you must meet a credit score of at least 620 and at least 10% capital investments. How can you make use of the funds, suppose you qualify for financing? Just use the funds for what your business needs. Do you need to replace existing equipment or to ad more? Ned to make tenant improvements? Looking for working capital for business expansion activities? Want more funds for operating expenses? Need to settle some business debt? It all depends on where you fall short of funds. That is exactly what you should worry about. How much assistance can you receive though? The loan amounts range from $10,000 to $250,000. Want to learn more about the program? Visit https://cdcloans.com/.
2021 Elevate Small Business Grant Program
This is a small business grant program, dedicated to supporting the growth and expansion of the female-owned small business throughout Michigan State. the program also supports the women’s workforce and where their enterprises are situated. The program can provide you with up to $10,000 for startup and $20,000 for working capital, workforce training, and other needs you may need to meet for the success of your business. Learn more about the program at https://www.fhlbi.com/products-services/community-investment-and-housing/community-and-economic-development/elevate-(small-business-grant).
Visa She’s Next Black Women-Owned Business Grant Program
The purpose of the visa is to help remove the barriers black women business funder encounter in their daily operations. The program achieves this through coaching and access to capital to the bac women who own businesses to enable them to continue to impact their communities through their products and services. To qualify for visa gran program support, your business must be located in the City of Detroit. You must have also existed for at least two years in the business and have a revenue of at least $24,000. Your enterprise must possess some elements of growth and have your product or service existing and selling in the market. Find out more about the program at https://ifundwomen.com/visa.
Paycheck Protection Program (PPP)
PPP is designed for women-owned businesses in need of working capital to keep their employees on the payroll. The PPP loans are forgivable. For the first-time business borrowers, loans will be available for those with at least 500 employees. The first set of applicants include nonprofits, women veterans, self-employed, sole proprietors, and female independent contractors. For the second draw, eligibility requirements include not fewer than 300 employees and your business must have a record of at least a 25% reduction in gross receipts. Visit https://detroitmeansbusiness.org/financial-resources/paycheck-protection-program/ to learn more about the program.
TechTown Detroit
TechTown Detroit is an entrepreneurship hub in the city of Detroit that is committed to supporting the dreams of businesswomen through startup assistance and help with the expansion of enterprises. TechTown provides business assistance to female entrepreneurs through connections and programming to make their enterprises thrive. View more at http://www.techtowndetroit.org/.