TechTown Detroit Launches Stabilization Fund for Small Businesses
Brick-and-mortar businesses with less than 10 employees can apply for $5,000 grants
The coronavirus pandemic and the measures meant to slow its spread are already having catastrophic effects on the economy. Businesses large and small face a sudden and imminent threat to their existence.
“We’re watching devastation in the business community, especially small business, because they’re most vulnerable.” – Ned Staebler, TechTown
In response, TechTown Detroit is raising $250,000 to help local businesses through this crisis.
Click on the player above to hear how TechTown plans to help Detroit small businesses weather coronavirus closures.
Guest
Ned Staebler, President and CEO of TechTown, says that while the shutdown to daily life and business is financially devastating, it’s necessary for the health of individuals and the economy.
“We’re watching devastation in the business community, especially small business, because they’re most vulnerable,” says Staebler. “But we need this shutdown for some time because the economy doesn’t recover until the virus is defeated.”
To alleviate some of the economic stress caused by the COVID-19 pandemic, TechTown started the Detroit Small Business Stabilization Fund. The fund includes grants up to $5,000 dollars for brick-and-mortar businesses with ten employees or less.
“Our first round of checks is hitting the street in the next 24 to 48 hours,” says Staebler.
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