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Small Business Loans


The purpose of Detroit Development's Small Business Lending Program has been to support the growth of Detroit-based businesses, particularly those owned by entrepreneurs of color and by women. It targets small businesses with growth potential and management insight that lack sufficient collateral or owner equity to qualify for financing from mainstream lenders.


To qualify for a Small Business Loan, projects should meet the following criteria:

Business must be located in the City of Detroit

Have annual sales of at least $100,000; and have fewer then 50 employees

Have been in existence for at least 12 consecutive months

Have demonstrated growth potential and have the ability to continue to grow and retain, or create, new jobs

Have been unable to obtain sufficient financing from traditional lending sources

Small business loan amounts range from $50,000 to $150,000*

Most loans will have terms of 24 to 84 months, depending on use of funds

*Exceptions may be made to the length of time in business and annual sales criteria for franchises, or in other situations approved by the loan committee.


Detroit Development's Small Business Loan proceeds may be used for most business purposes, including the following:

Working capital for expansion

Equipment financing

Accounts receivable financing 

Business acquisition

Marketing/New product development

Sales expansion

Physical plant expansion

Improvements to manufacturing systems

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