Detroit launches $500,000 fund to invest in legacy small businesses

• $500,000 investment in Detroit's historic small businesses
• 16 total grants: fourteen $15,000 grants (two per council district) and two $50,000 citywide grants
• Online Legacy Business Registry to recognize, track and support businesses that have operated in the city for 30 years or more
• Applications are now open, running through December 23, 2024

At Bert's Marketplace in Eastern Market, Detroit officials launched a new program today to invest in small businesses that have shaped the city's culture for 30 years or longer. The Detroit Legacy Business Project (DBLP), announced by City Council President Mary Sheffield, representatives of Mayor Mike Duggan's Office, Detroit Economic Growth Corporation and city supporters, aims to sustain long-standing small businesses across the city.

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.

"The Detroit Legacy Business Project is not just about preserving businesses - it's about preserving the stories, communities, and legacy that make our beloved City unique. By investing in these long-standing businesses, we are ensuring that Detroit's rich history remains an integral part of our culture and empowering future generations of entrepreneurs to build upon that foundation," exclaimed Sheffield.

Awards will allow businesses to grow and thrive through meaningful investments in product inventory, equipment, building beautification, business consulting and other allowable uses.

To qualify for grant funding, businesses must have operated continuously in Detroit for 30+ years and demonstrate their impact on the city's cultural identity through their products, services and community engagement. The program specifically targets independently owned and operated businesses that maintain physical locations accessible to the public.

"As the City of Detroit works to create the jobs of the future, we are excited to invest in the entrepreneurs and legacy businesses that have served as foundations in our communities," said Justin Onwenu, Director of Entrepreneurship and Economic Opportunity for the City of Detroit. "Small businesses are drivers in economic growth, and we are excited to make needed investments to ensure that they continue to thrive in the City of Detroit."

The City worked closely with Lauren Stovall to launch the initiative. Stovall, daughter of Tony Stovall, who founded Hot Sam's, one of Detroit's oldest legacy businesses, grew up in the family's menswear store. Drawing on her years consulting legacy businesses, she recognized an opportunity to create a program supporting Detroit's historic small businesses.

"I have had a unique burden for legacy businesses for the past few years. I came to recognize them as a unique and set apart sector within the general small business sector and I believed there was more that we as a community and city could do to honor and serve them," said Stovall, who's also the founder of the Institute Legacy Preservation, Inc. "It's important that we see them right; as pillars and anchors that serve as cultural assets of the city and within the community."

The initiative includes Detroit's first Legacy Business Registry, which will recognize and track qualifying businesses that have operated in the city for 30 years or more. Businesses listed in the registry will become eligible for technical and financial support through the program while gaining special designation as Detroit Legacy Businesses.

"Legacy businesses are more than just storefronts - they're job creators and second-chance employers who've supported Detroit families for generations," said Sean Gray, vice president of Small Business Services at the DEGC. "These businesses have shown incredible resilience through Detroit's ups and downs, often being the first to give opportunities to returning citizens and local residents. This initiative helps ensure they can continue serving as economic anchors in our neighborhoods for decades to come."

The application period opens today, November 21, at 5 p.m. and closes December 23, 2024, at 8 a.m. Grant recipients will be announced on February 21, 2025.

Business owners can learn more about eligibility requirements and apply at detroitmi.gov/opportunities/detroit-legacy-business-project.