Detroit Development Fund announces Entrepreneurs of Color Funding
The Detroit Development Fund, JPMorgan Chase & Co. and the W.K. Kellogg Foundation recently announced the first four Detroit-based minority-owned small businesses receiving loans and lines of credit from the Entrepreneurs of Color Fund. Winning recipients of the $6.5 million program are Detroit-based neighborhood businesses that are owned by minority entrepreneurs or hire primarily minority employees.
The EOC Fund is intended to increase economic opportunity for disadvantaged and underserved populations in Detroit by providing minority-owned businesses with greater access to financial assistance and business resources for the expressed purpose of expanding established business, hire locally and participate in Detroit’s economic revitalization.
“From the neighborhoods to downtown, Detroit’s success is tied to the success of its residents and growth of its businesses,” said Detroit Mayor Mike Duggan. “There is incredible opportunity for small businesses here in Detroit, and this loan program from the Detroit Development Fund, JPMorgan Chase and the Kellogg Foundation will ensure that businesses here have access to the resources they need to prosper.”
The fund, which is facilitated by DDF, a Michigan 501(c)3 Community Development Financial Institution (CDFI), provides financing for Detroit-based neighborhood businesses and services with a goal of assisting businesses that lack access to traditional forms of credit and capital.
“With the Entrepreneurs of Color Fund we are now able to provide the capital that Detroit’s small businesses need to grow and succeed,” said Ray Waters, President, DDF. “We are grateful for the generous support of JPMorgan Chase and the W.K. Kellogg Foundation, which will allow DDF to increase its business support and lending programs for minority-owned businesses in Detroit neighborhoods.”