The DDF Micro Loan Fund was designed to assist small businesses and aspiring entrepreneurs in Detroit, Hamtramck, and Highland Park. DDF Micro Loan Fund provides capital to small businesses in their initial stage of development with the purpose of supporting businesses who have the potential to flourish and expand when given the right tools and support.
CRITERIA, LOAN SIZE, AND TERMS
To qualify for a DDF Micro Loan, projects should meet the following criteria:
Business must be located in the City of Detroit, Hamtramck, or Highland Park
Have been in existence for at least 12 consecutive months
Preferably 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
DDF Micro Loan amounts range from $10,000 to $40,000*
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.
USE OF PROCEEDS
Detroit Development's Micro Loan proceeds may be used for most business purposes, including the following:
Working capital for expansion
Accounts receivable financing
Marketing/New product development
Physical plant expansion
Improvements to manufacturing systems
Lines of Credit and Term Loans available
$100 all-inclusive application fee
Favorable repayment options
Zero origination and closing fees
Professional and business technical assistance may be available after loan has closed
Ready to get started?