Detroit Mayor Mike Duggan has announced a new program to grow neighborhood businesses and match them with the right physical space.
The program is called Motor City Match.
"There is tremendous interest among entrepreneurs who want to open or grow their businesses in the city of Detroit," said Duggan. "The Motor City Match program is designed to expand the growth we are seeing downtown, Midtown, and Corktown to key neighborhood corridors across our city."
Rodrick Miller, President and CEO of the Detroit Economic Growth Corporation, said the goal of the program is to bring together building space, technical support and start-up funding "so that small businesses can be successful in the city and so that we can bring buildings back to life and revitalize commercial corridors city-wide."
Detroit will kick in $4 million in matching grants, small business and renovation loans, and support services for the Motor City Program in the first year.
Duggan said he is committed to funding the program for five years.