The Detroit Economic Growth Corporation is launching a program designed to lure more business to the city. The initiative, called Motor City Match, will award $500,000 in three month cycles to entrepreneurs interested in setting up shop in Detroit. Corporation President Rodrick Miller says not only will the program benefit business owners, it will also help landlords.
“The incentive for landlords is twofold—one is that it gets them quality companies, pre-vetted companies that are emerging enterprises into their spaces. The second thing that’s really, really interesting in terms of why this makes sense for landlords, is there will be actual resources that are available to help revitalize and fix up these buildings.”
Miller says Motor City Match plans to offer $1 million in small business and construction loans this year. He says the program is currently accepting applications from landlords, but entrepreneurs must wait to sign up until June.