Detroit Development Fund, J.P Morgan Chase & Co., and W.K. Kellogg Foundation announce $6.5 mil

Take a look at this program, designed to help local minority-owned businesses! On September 16, the Detroit Development Fund, J.P Morgan Chase & Co., and the W.K. Kellogg Foundation announced the $6.5 million Entrepreneurs of Color Fund.

The Entrepreneurs of Color Fund aims to boost economic opportunity for minority-owned businesses in Detroit by providing them with greater access to capital and business assistance. Through the Detroit Development Fund, a 501(c)3 community development financial institution, the fund will provide financing for general contractors, small retailers, neighborhood service businesses and others. The program will specifically target businesses that traditionally have lower credit quality, lack access to capital and staffing and primarily serve Detroit neighborhoods. The fund will provide short and long-term loans, generally varying in size from $50,000 to $150,000.

This is a wonderful opportunity for Detroit businesses. Click here for the full article and learn how to apply! Spread the word!


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