The City of Detroit and the Detroit Economic Growth Corporation (DEGC) have announced the launch of an online platform funded by the Gilbert Family Foundation and the Ally Foundation, to connect Detroit entrepreneurs and small business owners to local community development financial institutions (CDFIs).
Through the Detroit Capital Hub, participating lenders, including ProsperUS, the Opportunity Resource Fund, Michigan Women Forward, and the Detroit Development Fund, will provide loans totaling more than $5 million annually. The platform will help match applicants to the CDFI best positioned to meet their loan request of up to $250,000, as well as include a directory of business service organizations and technical assistance providers for small businesses.
“Detroit is the perfect place for entrepreneurs to build their businesses, and the Detroit Capital Hub is exactly the support that’s needed for them to thrive,” said Gilbert Family Foundation vice president Detroit Community Initiates Darnell Adams. “When small business owners succeed, they can continue providing vital services in our community.”
(Photo credit: Getty Images/Ayman Haykal)