If you want to live or work in Detroit, there are opportunities for you!!
The Entrepreneurs of Color Fund is a new $6.4 million lending program for Detroit-based minority businesses. The Fund is an opportunity for small minority-owned businesses to receive greater access to capital and business assistance, which will allow them to grow and hire more Detroiters. Funding for this program comes from a partnership between JPMorgan Chase, The Detroit Development Fund, and the W.K. Kellogg Foundation.
Small businesses have been at the heart of Detroit’s economic growth, so this fund was designed to help businesses that have had trouble getting traditional financing. The fund will give them access to capital so they can hire more employees with the goal of reducing the unemployment rate in the city.
“For Detroit’s comeback to be a success, there must be opportunity for the Detroiters who have stayed,” said Mayor Mike Duggan. “This new program fits perfectly with what my administration is doing with Ken Harris and the Michigan Black Chamber of Commerce to make sure Detroit residents who want to start a business in their city have access to the capital and support they need to be successful.”
Facilitated by DDF, the Entrepreneurs of Color Fund seeks to provide financing for general contractors, small retailers, and other neighborhood service businesses, along with many other types of businesses.
“The Entrepreneurs of Color Fund is very exciting for us and the Detroit small business it will support,” said Ray Waters, President, DDF. “The unique structure of the Fund allows DDF to provide a variety of lines of credit and loans to accommodate the needs of entrepreneurs of color.”
Small businesses that receive these funds will be able to apply the money toward building, expanding, and financing equipment. Additionally, the Fund will provide small business loan recipients with technical assistance such as networking opportunities and business plan development.
“Neighborhood businesses are critical to Detroit’s comeback, but many need access to the right capital to grow and thrive,” said Janis Bowdler, Head of Community Development for Global Philanthropy, JPMorgan Chase. “The Entrepreneurs of Color Fund is a unique approach that combines flexible financing and services to strengthen continued business growth in Detroit’s neighborhoods.”
The JPMorgan Chase Foundation provided a $3.5 million grant toward the Entrepreneurs of Color Fund as part of its $100 million commitment to Detroit’s economic recovery.
Small Detroit-based businesses that are interested in this Fund can learn more about eligibility by contacting the DDF at (313)784-9547 or by emailing firstname.lastname@example.org.