The Phoenix Fund was established to support our fellow industry workers and hospitality-based small businesses impacted by COVID-19. Here is some of that impact, in numbers:
- Michigan’s restaurant industry is losing more than $1B in sales every single month
- Four out of five independent restaurants don’t think they can survive the crisis
- Nine out of ten Michigan restaurants have furloughed or laid-off employees
- Three-fourths of Michigan’s restaurant workforce is currently out of work
While we are not immune from these statistics, we are lucky to have found ways to quickly pivot our small business to survive and to date, we have not had to lay off any of our own employees. We now have a responsibility to help those in our industry rebound from this global pandemic.
The Phoenix Fund will offer two low-interest loans to minority-owned local hospitality-based small businesses, one in the City of Detroit and the other in Ferndale.
Not only will loan payments be deferred until after the business reopens, but they will be reinvested back into the fund so they can then be offered as future loans to additional hospitality-based small businesses. The hope is our initial investment is forever paid forward.