Need help applying for an SBA Loan? The City of Detroit can help!
THE CITY OF DETROIT IS HERE TO HELP YOU APPLY FOR AN SBA PAYCHECK PROTECTION LOAN.
Mayor Mike Duggan and Goldman Sachs CEO David Solomon announced today that Goldman Sachs has committed $15 million as part of its 10,000 Small Businesses initiative to loans for small businesses in Detroit to help them through the COVID-19 crisis. The effort is in partnership with Community Reinvestment Fund (“CRF”), the largest non-profit, non-bank SBA 7(a) lender in the country.
Loans are forgivable
CRF will offer these loans directly to small business owners in Detroit, who will be eligible for these loans to be partially or wholly forgiven if they maintain or rehire their workforce. The loans can be used for:
- Payroll costs
- Interest on mortgages
- Rent and Utilities
Detroit Small businesses should take action NOW
If you have an existing banking relationship, contact your lender immediately to begin a PPP application.
CRF is currently accepting applications from Detroit businesses - see https://detroitmeansbusiness.org for more info.
Sign up here if you are interested in volunteering as an advisor to assist Detroit small businesses with completing the PPP loan and other COVID-19 financial relief related applications.