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A business meeting

DEGC, Bank of America working together to support Detroit’s small businesses

Small businesses are the heart of Detroit, and the Detroit Economic Growth Corporation (DEGC) is actively supporting the city's entrepreneurs by partnering with various community partners and businesses.

“At the DEGC, we understand that consistent efforts to help entrepreneurs achieve success in the city are just as important as our efforts to bring in high-dollar investments to Detroit,” said Kevin Johnson, DEGC CEO and president. “We recognize that the city’s small business owners need all the support we can give, and we work with our partners every day to help make sure that happens.” For example, the DEGC’s long-term partnership with Bank of America has provided more than $1.3 million in grants over the past 15 years to support the DEGC’s efforts in elevating Detroit’s small businesses.

Matt Elliott, Michigan Market President for Bank of America, called the DEGC a lifeline for successful entrepreneurship, and that it’s critical for small business owners to know that support is available — especially for women-owned and minority-owned businesses. “Bank of America recognizes the importance of supporting business owners in Detroit, and we’re proud to be a longtime partner of the DEGC, which has the important role of helping small business owners continue to grow their businesses,” Elliott added.

As part of their efforts, the DEGC launched the Detroit Means Business (DMB) coalition of private, public and philanthropic partners in 2020 to help meet the needs of Detroit’s small businesses. During the COVID-19 pandemic, the DMB coalition’s support allowed 10 Detroit businesses to remain open and more than 80 of their employees to keep their jobs.

Learn more about this partnership by reading the full Michigan Chronicle article.

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