The Detroit Legacy Business Fund’s pilot program provides funding to small businesses who meet the program definition of a “legacy business” on a reimbursement or pre-paid basis for an allowable use.
Donor Name: City of Detroit
State: Michigan
City: Detroit
Type of Grant: Grant | Reimbursement
Deadline: 12/23/2024
Size of the Grant: $10,000 to $100,000
Grant Duration: Grant Duration Not Mentioned
Details:
The Detroit Legacy Business Project defines a legacy business as an independently owned and operated business headquartered and open to the public in the city of Detroit for 30 years that has impacted the culture of the city through its products, services, and communal reputation. Proof of legacy may include Articles or Organization, income and property taxes, business acquisition and owner transfer documents, and media coverage.
The Benefits
- Technical Assistance: resources and support for operational and technical issues
- Financial Assistance: access to capital to include a grant fund opportunity
- Marketing Assistance: efforts to assist in increasing business exposure and visibility
- Promotional Support: an opportunity to be included in a legacy business registry and digital map locator.
Funding Information
The program will provide financial and technical assistance to qualifying businesses, with grants ranging from $15,000 to $50,000. A total of 16 grants will be awarded: two businesses from each of Detroit’s seven council districts will receive $15,000 grants, plus two citywide grants of $50,000 each.
Uses of funds
Allowable Financial Assistance Reimbursement Grant Uses:
- Product inventory, equipment & machinery, furniture, fixtures, and interior decor
- Software subscriptions (technology)
- Building repairs and renovations
- Façade improvement (signing and exterior beautification)
- Professional services
- Logo (re)design, website design, publicity content creation, advertisement placement fees
- Communications (including but not limited to marketing, advertising, publicity, and brand strategy)
- Financial (including but not limited to debt consolidation and restructuring, fundraising, loan application assistance and filing, and Accounting and bookkeeping, and tax preparation)
- Legal (including but not limited to trademarks, patent filings, ownership transfer, property acquisition)
- Architectural and structural engineering
- Business consulting (including but not limited to certification and permit filings, grant writing and submission, and process mapping)
- Training and professional development.
Eligible Businesses
Eligible business types:
- For-profit Sole Proprietorships
- General Partnerships
- Limited Partnerships (LP)
- Limited Liability Partnerships (LLP)
- Corporations (Inc., Corp.)
- Limited Liability Companies (LLC)
- Low-profit Limited Liability Company (LC3)
- Faith-based organizations, subject to 24 CFR § 570.200(j), participating in registered and licensed for-profit commercial activity
- Independently owned businesses that participate in retailers’ cooperatives are eligible to apply
- A Nonprofit enterprise that sells a product or service to the public or other companies. Product or service has to have been sold for the last 30 years.
For more information, visit City of Detroit.
