Comcast Offers Grants To Minority-Owned Detroit Businesses
Comcast is offering $1 million in grants to minority-owned businesses in five different cities, and Detroit is one of them. It's part of the Comcast RISE Investment Fund that was launched to help small businesses survive the pandemic.
A total of 100 grants will be awarded to minority-owned business owners in Detroit. Those applying will be eligible for a grant up to $10,000. Business owners must have up to 25 employees, have been open for at least three years and be stationed in Detroit, Hamtramck or Highland Park. Applications will be available March 1 through March 14.
Governor Whitmer says the program will help Detroit businesses survive the pandemic and thrive once it is over.
"This pandemic has had a disproportionate impact on our communities of color and has been particularly damaging for minority-owned businesses that make our communities vibrant places to visit and call home."
New research from JPMorgan Chase Institute shows that there has been a decline in local spending. Cities with businesses that were hit the hardest during the pandemic included Detroit, Chicago, Atlanta, Houston and Philadelphia.
Several black-owned businesses in Detroit have been struggling to stay afloat because of the COVID-19 pandemic. Some businesses even fear permanent closure due to economic uncertainty. Around 30% of small businesses in Metro Detroit were temporarily or permanently closed from mid July to the beginning of January.
In an effort to help, the Michigan Economic Development Corporation opened a $10 million grant program for small businesses in December. The MEDC was expecting around 667 applicants but received over 22,000.