“I’m getting calls from entrepreneurs all over the city who said they are running out of the cash,” Ned Staebler, CEO of Wayne State’s TechTown Detroit, says today in an interview with One Detroit’s Christy McDonald.
Small businesses have been hit hard by the coronavirus crisis and the governor’s executive order shutting the doors of restaurants, movie theaters, fitness centers and many other establishments where people congregate.
TechTown announced the formation of the Detroit Small Business Stabilization Fund, providing $5,000 emergency assistance grants to assist small businesses during the health emergency.
The grants are in partnership with the City of Detroit, Michigan Economic Development Corporation, Detroit Economic Growth Corporation and Invest Detroit to help shore up vulnerable Detroit small businesses.
Staebler talks with McDonald about the small cash reserves of small businesses, the origins of the stabilization fund, how people can donate to the initiative and its goal of getting money out of the door starting next week.
This interview is part of a series of special reports from DPTV’s One Detroit team, examining the impact of the coronavirus on the health and wellbeing of the community and talking to those who are dealing with the crisis.
Please stay healthy. Be safe.