Entrepreneurs of Color Fund
“ For Detroit’s comeback to be a true success, there must be opportunity for the Detroiters who stayed.”
– Detroit Mayor Mike Duggan
The purpose of the Entrepreneurs of Color Fund (EOCF) is to support the growth and development of Detroit-based businesses owned and operated by people of color.
The EOCF specifically seeks to help small businesses with growth potential and management insight that might lack sufficient collateral or owner equity to qualify for financing from mainstream lenders. Businesses may use the capital to expand, finance equipment, address short-term cash flow needs and provide contractor lines of credit. Loans may range from $10,000 to $300,000.
Contractor Lines of Credit
Late-Stage Pre-Development Loans
As of May 1, 2023
Over $18,000,000 in loans provided to BIPOC entrepreneurs
190 Black-owned and BIPOC entrepreneurs located in the City of Detroit
47% of loans made to Black women-owned businesses
1,996 new jobs created in the City of Detroit
209,443 square feet of vacant commercial space filled by Black-owned and BIPOC companies in the City of Detroit
HOUSE OF VIN
House of Pure Vin, a downtown wine shop and tasting room, received a $145,000 loan to help with start-up costs. Visit House of Pure Vin.
POWER, LIGHTING AND TECHNICAL SERVICES
PLTS received a $100,000 line of credit and loan. The firm repairs exterior lighting at City of Detroit recreation centers, police stations and other city-owned buildings. Read more about PLTS.