Wayne County Partners with TCF Bank to Give Loans to Small BusinessesMay 7, 2020
Wayne County’s small businesses were hit hard by the COVID-19 crisis and statewide shutdowns. Without revenue, many are struggling to pay rent and keep the lights on, said Wayne County Executive Warren Evans in today’s Tele-Town Hall in conversation with Detroit Regional Chamber President and CEO Sandy K. Baruah.
To help mitigate the crisis, Wayne County quickly partnered with TCF Bank to help small businesses receive microloans ranging from $5,000 to $50,000 depending on the number of employees. More than $3 million in loans have already been approved, said Evans.
The county is also working with the Michigan Economic Development Corp. to award grants to small businesses. Small businesses in Wayne County interested in exploring loan or grant options should visit waynecounty.com.
“The emphasis is on how we can get the smaller businesses going,” said Evans, adding that they will not last long without revenue coming in.
Wayne County is Michigan’s most populated county, and it currently holds more COVID-19 cases than any other county in the state. Many difficulties are still to come with both the health and economic crises, said Evans.
When it comes to navigating major issues coming out of the crisis, Evans named personal protective equipment (PPE), child care, and loan assistance issues at the county’s top focuses.