WHAT PROGRAMS DO YOU QUALIFY FOR?
You have likely heard about the SBA's Paycheck Protection Program, but did you know there are other resources available at the city, county, state, and federal level to help small businesses during this time? Additionally, foundations, large companies, and private individuals are offering grants and loans to small businesses during this time -- but sometimes the window to apply is very short. Like, less than a week short. The faculty, staff, and students of the Detroit Neighborhood Entrepreneurs Project, through Free Accounting Fridays, know you have no time to research. Let us help you figure out what you're eligible for and apply.
STEP 1: Look at this chart. The Detroit Chamber of Commerce has created a one pager that separates out the most widely-available programs, sorted by company size, geographic location, and other criteria.
To supplment this list, the Center on Finance, Law & Policy has created easy-to-understand one-pagers that describe various programs being offered by government agencies (city, county, state, and federal) and by foundations, listed below. (Note: we will delete descriptions as funds close their application windows.)
TechTown Stabilization Fund Grants (PDF) - NOTE: Open ONLY 4/14-4/17!
SBA Economic Injury Disaster Loans (EIDL) (PDF)
SBA Paycheck Protection Program (PPP) (PDF)
FINANCIAL STATEMENTS YOU NEED
STEP 2: Prepare your financial statements to go with the application(s). So far, every application we have seen requires them. If you are a small business owner or the head of a non-profit and need 1:1 assistance to prepare Profit & Loss sheets, Balance Sheets, Cash Flow projections, or other financial statements, students from the University of Michigan can help. You can book an appointment with one of our four student accounting coordinators via our Free Accounting Fridays program at UMaccountinghelp.com(link is external). (NOTE: This represents a doubling of our previous capacity. One hour appointments are now available on both Wednesdays and Fridays. If you don't see an available time slot within a week, submit a message through the UMAccountinghelp.com website to ask that additional appointments be made available.)
ESTABLISHING A RELATIONSHIP WITH AN SBA-CERTIFIED LENDER
STEP 3: Find an SBA-certified Lender. If you are applying for a loan through the U.S. Small Business Administration (SBA), your loan application will be processed not directly by the SBA, but by a SBA-certified Lender. Who are the SBA-certified lenders? Start by asking your current financial institution. If you do not have a business bank account, or your financial institution is not SBA-certified, you can:
- Find a list of lenders who are accepting new customers on the Detroit Economic Growth Corporation (DEGC)'s COVID-19 Small Business resource page(link is external);
- Find an SBA Credit Union lender close to you, via this SBA Lending Credit Union Map(link is external); or
- Reach out to a traditional bank.
To access free templates, instructions, and other resources from the University of Michigan Detroit Neighborhood Entrepreneurs Project, go to our COVID-19 Resources page.