In an effort to bolster the local economy, the City of Detroit and Detroit Economic Growth Corporation (DEGC), with the backing of the Rocket Community Fund, have launched the Detroit Small Business Technology Fund. This new microgrant initiative is designed to help 140 Detroit-based microbusinesses enhance their operational capabilities through technology. The Rocket Community Fund is providing the financial support for this initiative, which offers $1,000 grants for eligible businesses to upgrade or acquire new technology, the City of Detroit announced earlier this week.
Qualifying for the fund, businesses with 10 or fewer employees and less than $500,000 in annual revenue can utilize these grants to purchase a variety of tech tools, including laptops, point-of-sale systems, and AI platforms. Grant support can be directed towards both hardware and software acquisitions deemed crucial for business improvement. According to a statement obtained by the City of Detroit’s official news site, Mayor Mary Sheffield said, “Small businesses are the heart of Detroit’s economy and they deserve access to the tools that help them grow and succeed. This funding will make it easier for neighborhood small businesses to modernize, reach more customers, and operate more efficiently.”
Administered by DEGC, the Technology Fund partners with neighborhood-focused organizations across Detroit to identify potential grant recipients. Each of the nine participating organizations, such as East Warren Development Corp and Southwest Detroit Business Association, among others, is responsible for allocating between 10 and 20 grants to local businesses. These partnerships ensure that the fund reaches diverse business communities throughout the city.
“Technology is no longer optional. It is foundational,” Sean Gray, DEGC’s Vice President of Small Business Services, told the city’s news website. Onwenu, trying to keep the spirit of small businesses alive, is the Director of the Office of Small Business Services and Economic Opportunity for the City of Detroit, asserts that, “Strong neighborhoods are anchored by thriving small businesses.” Through supporting small businesses, the initiative aims to enhance Detroit’s economic landscape by impacting revenue, efficiency, digital integration, customer base growth, and job creation.
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