Search results

TechTown has joined forces with the Gilbert Family Foundation, Invest Detroit, and Detroit Development Fund to launch Venture 313, a three-year, $10 million commitment that will provide the next generation of Detroit entrepreneurs with capital, mentorship, and more. "In the largest majority-Black city in the country, we are excited to work alongside such dedicated partners to help bridge the venture capital gap that sees only 1 percent of funds go to Black founders," says Jennifer Gilbert, co-founder of the Gilbert Family Foundation. Through partners, Venture 313 will invest $500 to $250,000 into Detroit businesses through a mixture of grant funding and equity-like investments, depending on each business's size, situation, and need. Read more about Venture 313 in DBusiness.

A local event aims to help Detroit entrepreneurs sow seeds for future financial success. Detroit Means Business will host “Small Business Seeds for Growth” on September 19 at The Jam Handy in Detroit. The event, sponsored by Huntington National Bank, aims to connect under-resourced, Detroit-based small businesses to capital by removing barriers to access. According to research from the Federal Reserve, fewer than one-third of small-business owners who sought traditional financing last year received all the funding they wanted. One barrier to financing, particularly among minority entrepreneurs, is a mistrust of financial institutions. However, organizers believe education about available lending options and transparency into the lending process can help borrowers overcome impediments to financing. Read more about Seeds for Growth here. Registration for Seeds for Growth is now closed but you can stay connected to the event by downloading the Whova app.

The Detroit Economic Growth Corporation recently announced the hiring of Sean Gray as vice president of Small Business Services. Gray, who brings more than 18 years of experience to the role, will work in partnership with DEGC leadership to elevate the organization’s impact on Detroit’s small business community. “Sean is known as a fierce and passionate advocate for Detroit’s small business community and will help us find new approaches to supporting entrepreneurs within the city,” said Kevin Johnson, president, and CEO of the Detroit Economic Growth Corporation. “We’re excited to welcome Sean to the DEGC, and our team will benefit from his expertise and breadth of relationships.” Gray’s role will entail setting leadership and strategy that drive solid results for programs within the department, including Motor City Match, Motor City Re-Store, and BuyDetroit. Additionally, Gray will partner with corporate partners, city officials, state legislators, and federal policymakers to eliminate barriers to funding, knowledge, and equity for small business owners. Welcome to the team Sean! Learn more about his role here.

Perla Hernandez is a native Detroiter and represents the residents and business owners of District 6. District 6 is believed to be one of Detroit’s most diverse and culturally rich areas, as it is home to the Southwest, Corktown and Midtown neighborhoods. You can contact Perla for expert advice on how to grow your business at phernandez@degc.org. Detroit Means Business Perla, can you start by telling me what brought you to be a District Business Liaison and how long you've been with the DEGC? Perla Hernandez I was told about this job by a friend actually. They thought I had a good personality to do the work we're doing, like helping out the community and reaching out to different people. So they told me to give it a try and here I am, a year later. DMB Perfect, well, happy anniversary. So you started during the touch-and-go part of the COVID-19 pandemic. We're still dealing with COVID, but it's not as bad as in 2020. Tell me a little about that learning curve you experienced jumping into this new position where you need to be out and meet the people, but we still have to do things like social distancing and safety precautions. Perla Hernandez I think it was a little bit harder, but at the same time, it made it easier for me. Harder because I had to wear the mask and some of the restaurants had different safety protocols still in place. Some of the stores weren't open completely. Some people were doing remote stuff or online shopping only. So it was hard to know who do I go to that was open. How do I check for it? Where is it online? So it was hard to get in contact with people that way because of the pandemic. DMB What is your favorite part about being a DBL? Perla Hernandez The team is my favorite part. We all support each other so much, and there's always something that we're working on and fighting toward for the businesses. You know, we're always trying to advocate for them and to make sure that we're the voice for the businesses that can't be heard. And then the second favorite thing is just getting to know the new restaurants. I've lived in Detroit my whole life, and there are still places I've never visited, so I like having to put myself out there even more and look for new places to meet and talk to the owners and managers. That makes me want to explore a little bit more, and I'm a big travel person, so I think that's a lot of fun. That's awesome. Yeah, I love when new restaurants open. Yeah. Or just like restaurants that have been there forever, and I didn't even realize it was a restaurant. DMB So what is your typical day look like as DBL, if you even have typical days as a DBL? Perla Hernandez I don't think there is a typical day because it varies daily. I try to make my week a little bit more structured to where two days out of the week, I'm out in the community trying to either help people that I have been helping or I have cases on. Or I'll try to do some canvassing where I go give my cards out and introduce myself like, "Hey, I'm the DBL. I do this, this and this. If you need help, here's my number," and then I take down their contact info. So some days will just be me driving around and like looking at places that have just opened or places that are closed. I check on places I haven't been to in a minute just to check on everybody. And then other days, I'm on the phone and email and stuck to my desk. So I don't think there's a typical day with it. DMB Awesome. What makes you the perfect person to be the District Business Liaison for District 6? Perla Hernandez I don't think I'm the perfect person for it, but I'm working towards breaking down language barriers for the districts. It's a huge Hispanic population in southwest Detroit and District Six, and I speak Spanish. So I'm hoping that because I speak Spanish, I can better understand the struggles people go through when they're trying to apply for different things. And I want to make sure that they know that going forward, they have someone they can reach out to. Or in the future, if I'm not here anymore, then we have already established a process for people to translate things or have things translated because now it's not a second thought. Now, it's automatically something that gets done from the beginning. I think that's important because when people are trying to start up a new business, it's important for them to understand what they're signing up for and have someone there to talk to them about it. DMB I'm glad you have the foresight on that and you're working on getting that language barrier taken down because it's very hard. We have so many hardworking people who want to start businesses, but they can't because we're not meeting them where they are. So thank you for pushing that goal line a little closer to our people in District Six. DMB Tell me about the makeup of your district. Whether that's what type of businesses are there or what kind of people populate that particular district? Perla Hernandez Well, it is one of the biggest, if not the biggest, districts. It's very diverse, like a melting pot, because we have a little bit of everything. There's like Asian food; there’s Mediterranean food, there's Mexican food. There's black-owned businesses; there’s soul food. There are so many restaurants that you can try in just District Six. And then besides that, we have so many stores you can go to. There's T-shirt stores; there’s clothing stores; there’s boutiques; there’s spas. You can find anything you are trying to look for in District Six. DMB What businesses can you find in District 6? Perla Hernandez The restaurants that I like are like La Jalisciense. It's located on Vernor. That's a restaurant and store. You can find a lot of Mexican food there, and it's very popular in the community. There's pink flamingo, it's a vintage/secondhand store, so there's a lot of really good gems that you can find there. And it's very popular as well. The historic Corktown is filled with bars that people recognize, so there's McShane's and Nemo's; those bars are very popular, especially if you've been here for a while. Many seasoned Detroiters go there because they've been in business for so long. DMB You mentioned that Southwest Detroit is a huge part of your district, as well as the historic Corktown and parts of Midtown and Downtown. How does serving these very prominent and historic parts of Detroit feel? Perla Hernandez Sometimes it feels intimidating because it's such a huge district and no matter how much outreach I do, I feel like I'll never get to every single business. But it feels cool to know that it's one of the most culturally rich areas and I get to sit there every day and meet new people, potentially helping them in some business aspect or even just becoming friends with them. It's cool because sometimes I'll help them with a super simple thing, and they're like, "Oh, my God, I owe you my life." And I'm like, "No, please don't.” DMB You now have one year under your belt as a DBL. What are you most looking forward to seeing as you work through your second year? Perla Hernandez I want to see more people not be afraid to reach out because there is help for everybody. And I'm looking forward to the many businesses coming, and I want them to open in District Six. I'm not biased, but kind of. DMB I mean, you have to be a little biased and rep your district! Perla Hernandez I live here, and I work here. So a little bit of both.

In a recent article, Forbes reports that the backbone of a city's revitalization is the small business ecosystem. They state that small businesses such as coffee shops, grocery stores, and more are "the connective tissue that holds communities together." Helping small businesses recover (and encouraging new entrepreneurs) isn’t just about making sure office workers get their coffees and happy hours. A pre-pandemic report by JP Morgan noted that small business growth in inner cities is critical to addressing unemployment. “The Big Impact of Small Businesses on Urban Job Creation: Evidence from Five Cities” found that in four of the five cities studied (Chicago, Dallas, Detroit, Los Angeles, and Washington, D.C.), small businesses created the most jobs. Read the full article here.

Mayor Mike Duggan and Motor City Match celebrated the program’s Round 20 awards, which includes 20 grants totaling $1 million dollars to entrepreneurs looking to bring their dream of opening a business in Detroit a reality. This marks a doubling of the grant pool and increase of funding from $500,000 in grants every quarter to $1 million dollars. The expanded impact was made possible by $15 million in American Rescue Plan Act funding approved recently by Detroit City Council. “Motor City Match has unleashed the incredible entrepreneurial talent that has always existed in Detroit and is bringing a range of wonderful new businesses to neighborhoods across the city,” said Mayor Duggan. “Thanks to this additional ARPA funding, the program will have twice the impact on the revitalization of our neighborhood commercial corridors.” Applications for Round 21 of Motor City Match are now open! Interested businesses can apply here! Read more about our winners and the announcement here.

The Detroit Historical Museum has celebrated Black Business Month in a major way. In June, the museum asked the community to nominate their favorite Black-owned businesses for an upcoming exhibit, and now the honorees have been chosen. The announcement came during a special ceremony at the museum on August 18. 36 entrepreneurs will be highlighted in this special exhibit, open to the public in October. The initiative comes from the Historical Society's effort to tell more engaging stories about Detroiters and their hustle spirit. The winners were chosen from nearly 800 nominees from all over Detroit. An independent committee selected the 36 winners, who will be featured in five Detroit Historical Museum exhibits over the course of 2022 and 2023. A new group will be profiled each quarter. To see if your favorite business made the list, click here to read the entire Crain's Detroit story!

When BasBlue opened its doors in 2021, its mission was to create a safe space for womxn and non-binary people to work, network, and fellowship. The nonprofit has now moved into its next phase of uplifting underrepresented people by launching the BasBlue Foundation. The BasBlue Foundation's goal is to raise $2 million before the end of 2023 to support fellowships and opportunities for womxn and girls, aiding their education, careers, and access to capital. The foundation has already earned $600,000 of its goal thanks to The Total Health Care Foundation, the Ralph C. Wilson Jr. Foundation, and The Remington Group. As its first initiative, the foundation is launching the BasBlue Zero-to-One Fellowship. The program is a 12-month fellowship program that will provide each fellow with early-stage capital, business coaching, financial and legal planning, sustained mentorship, subject-matter experts, direct connections to industry-relevant BasBlue members, and a network of like-minded peers – all to help our fellows identify a clear path for growth and success. Click here to read the full Michigan Chronicle article about the announcement.

The City of Detroit is on a mission to create more affordable housing. One program, in particular, is helping landlords rehab apartment space above their storefronts. In 2017, the Southwest Detroit Business Association launched a pilot program funded by the Kresge Foundation to renovate several units, which are still occupied today. The City of Detroit is expanding the program with an extra $305,000 worth of funds from the American Rescue Plan Act. The program is just one component of a $203 million housing plan announced last month that aims to create new rental housing, help renters become homeowners, improve the quality of existing rental units and help connect residents with housing-related services. Read the full Crain's Detroit Business article here.

Since 2020, Detroit Means Business has helped entrepreneurs navigate success through the COVID-19 pandemic. We've provided technical and financial assistance to ensure businesses survived the pandemic. DMB recently received a massive boost in funding from Detroit's City Council. Council voted to allocate funds from the federal American Rescue Plan Act to help further our mission to create a robust business ecosystem in Detroit. DMB will receive $2 million for loans and grants, $3 million in small business debt pay-down assistance and $2 million in direct small business support. The additional $2 million will be allocated toward additional program staffing and administration services over the three-year project period, DEGC President and CEO Kevin Johnson said in a news release. Read the full Crain's Detroit article to learn more.

The digital wallet app Venmo recently announced a small business grant program to reward small and emerging businesses with financial and technical resources. Venmo will award 20 new and existing customers through the Venmo Small Business Grant. Businesses can use their funds to pay rent, promote their business or digitize different aspects of their entities. Awardees will get access to technical expertise and mentorship on topics like legal services, financial analysis, and digital marketing. The company stated that resources will be offered in partnership with PayPal community partners, Start Small, Think Big, and Taproot Foundation. PayPal and Venmo employees will offer coaching and pro bono services. It was disclosed that business owners from historically underrepresented communities will be given special consideration. The aim is to help businesses “build resilience, grow, and succeed.” Businesses have until August 11 at 11:59 PM to set up a Venmo Business Profile and apply for the grant. For more details, read the entire Black Enterprise article here.

Meet Veronica Vela and Connie Arreola, co-owners of Natures Compliments. Vela and Arreola are reducing their store's carbon footprint by allowing customers to come into the store to refill glass containers with anything from natural soaps to cleaning products. The pair also offers environmentally sustainable products, all without paper packaging. “We’re all about refilling your cups – mentally, physically, spiritually, and environmentally,” said Veronica Vela. Read more about this powerhouse duo here.