The Detroit Community Loan Fund, a Community Development Financial Institution limited liability company (L3C) along with the Detroit Development Fund, the Max M. and Marjorie S. Fisher Foundation and the Catalyst Fund announced the newest financial assistance program for minority-owned business.
The BizLoan Fund was unveiled during a private reception at Peterboro in Midtown Detroit. Funders from the New Economy Initiative and the Fisher Foundation were in attendance to celebrate the loan fund that will dig deeper into the small business lending ecosystem by providing capital in the amount of $5,000-$50,000 for small business owners who traditionally find it harder to obtain financing.
The Max M. and Marjorie S. Fisher Foundation and the Catalyst Fund have provided a $2 million loan commitment to create the BizLoan Fund designed to assist small businesses and aspiring entrepreneurs in Detroit, Hamtramck, and Highland Park. The primary objective of the Fund is to provide loan capital and technical assistance for neighborhood-based, minority entrepreneurs and small businesses who have been historically excluded from traditional capital sources and business development opportunities.
A focus will be on historically underserved populations that traditionally have not had adequate access to capital or business support services. These include African-Americans, Latino, Asian, Middle Eastern, immigrant communities, women, LGBTQ, veterans, disabled, returning citizens, low-income and low-wealth households, and people with less than a college degree.
Business support organizations have helped identify potential borrowers. These non-profits include: ProsperUs (Southwest Solutions); SWOT City (TechTown); Build (Downtown Detroit Partnership); ACCESS Growth Center; Grand Innovation; FoodLab; and the Michigan Women’s Foundation. These non-profit organizations are supported by the New Economy Initiative in their efforts to help provide training and technical assistance to aspiring entrepreneurs and current businesses. The business support organizations will work with potential borrowers to assist them in understanding and compiling loan fund documents for application using the loan fund criteria, and provide follow-up assistance.
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