MI Local Biz – Crowdfunding Model for Small Businesses
In response to the COVID-19 crisis, MEDC, in conjunction with the Detroit-based crowdfunding platform Patronicity, has developed “MI Local Biz,” a creative funding mechanism that offers quick access to capital for small local businesses during this unprecedented time of need. The MEDC will match crowdfunding raises on a 1:1 basis up to $5,000 for eligible small businesses experiencing economic challenges as a result of COVID-19 such as restaurants, bars, coffee shops, salons, hardware stores, retail shops, etc.
Modeled after the MEDC’s highly successful Public Spaces Community Places program, MI Local Biz is a matching grant program that utilizes donation-based crowdfunding to generate public interest, raise funds to assist small businesses negatively affected by the COVID-19 crisis, and help position that business for re-opening as the crisis eases. By utilizing web-based donations, businesses are accessible to anyone willing to donate in real time. This crowdgranting model engages the public as each person contributes in the effort to assist their local businesses. Also, this model instills community pride as residents become a conduit of support for their local economy.
Applications will be accepted through the Patronicity platform
starting May 18, 2020 at 8 a.m. Business applications will be evaluated on a first come, first served basis.
Limited funding is available.
