Loan Resources & Application Guide
The Detroit Development Fund (DDF) is committed to supporting the growth and sustainability of Detroit-based small businesses. This page is designed to help prospective borrowers understand what is required to apply for a DDF loan, prepare their documentation in advance, and connect with the resources they need to put their best application forward.
Whether you are ready to apply today or still building toward that goal, we want to make sure you have the tools and information to move your business forward — and we are here to help connect you with the right support along the way.
Who We Serve
DDF exclusively serves Detroit-based businesses. To be eligible for a loan through our organization, your business must be headquartered and operating within the city of Detroit. If your business is located outside of Detroit, we still encourage you to explore the alternative resources listed at the bottom of this page — there are lenders and support organizations across Southeast Michigan that may be the right fit for you.
Before submitting a loan application, all prospective borrowers must gather the following documentation. Preparing these items in advance will help ensure a smooth and timely review process.
Loan Application Checklist
Application Documentation
Signed/Dated Loan Application
The completed and signed official application form to request a loan from the Detroit Development Fund.
Signed/Dated Personal Financial Statement
A snapshot of the borrower's personal financial health, listing all personal assets, liabilities, income sources, and net worth. Must be signed and dated.
$100 Non-Refundable Partial Application Fee
A required upfront payment to initiate the application process. Accepted via cashier's check, money order, or PayPal (a $5.00 convenience fee applies for PayPal payments).
Validation Documentation
Entity Documents
State and government-issued documents that legally establish the business, such as Articles of Organization, Articles of Incorporation, Renewal Certificates, or Certificates of Assumed Names — required for every entity involved in the loan.
Operating Agreement
A foundational legal document for a Limited Liability Company (LLC) that outlines its ownership structure, management, and internal operational rules.
Bylaws
Legally binding, internal rules adopted by Corporations, Nonprofits, or Organizations to govern their operations, management, and officer responsibilities.
Board Minutes
Current signed and dated Board Minutes on company letter head, with language that identifies the designated, authorized signer for the Detroit Development Fund loan request. Required for each entity involved.
IRS EIN Confirmation Letter
The official IRS letter confirming the business's Employer Identification Number (tax ID), required for each entity involved in the transaction.
Front/Back Copy of Unexpired MI Driver's License or State ID
Government-issued photo ID for the borrower, confirming at least one year of Michigan residency. Must be a color copy and unexpired.
Evidence of Detroit-Based Location
Documentation proving the business operates in Detroit. Acceptable forms include:
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A fully executed lease agreement (for businesses operating from a physical location)
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A Letter of Intent (LOI) for a commercial space
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An annual co-working space agreement (for businesses operating from a co-working facility)
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A warranty deed for business-owned property
Business Financials
Business Plan / Executive Summary
A written overview of the business, its market, operations, and financial goals. Businesses three years old or younger submit a full business plan; businesses over three years old may submit an executive summary instead.
Business History
A narrative or document describing the background and operating history of the business.
Business Tax Returns
Signed, properly prepared federal business tax returns for the past three years.
Business Bank Statements
The three most recent months of bank statements for the business's accounts.
Management Resume
A professional resume for the owner(s) or key management, demonstrating relevant experience and qualifications.
Financial Projections (3–5 Years)
Forward-looking financial forecasts showing expected revenue, expenses, and profitability over the next three to five years.
Business Debt Schedule
A list of all current business debts, including lender names, balances, payment amounts, and terms.
Balance Sheet (Past 3 Years)
Historical financial statements showing the business's assets, liabilities, and equity for each of the past three years.
YTD Balance Sheet
A current, year-to-date balance sheet showing the business's financial position as of the most recent period.
Profit & Loss Statements (Past 3 Years)
Income statements showing revenues and expenses for each of the past three years.
YTD Income Statement (P&L)
A current year-to-date profit and loss statement reflecting recent business performance.
Current A/R & A/P Agings (if applicable)
Reports showing outstanding amounts owed to the business (Accounts Receivable) and amounts the business owes to vendors (Accounts Payable), broken out by how long they've been outstanding.
Rent Roll (Real Estate Only)
For real estate loans, a detailed list of all tenants, their lease terms, and the rental amounts they pay.
Sources & Uses Form
A document outlining where the loan funds are coming from (sources) and exactly how they will be spent (uses).
Personal Financials
Personal Federal Tax Returns (Past 3 Years)
Signed, properly prepared personal federal tax returns for the borrower for the last three years.
Personal Bank Statements (Last 3 Months)
The three most recent months of the borrower's personal bank statements.
We understand that not every business is in the right position to apply for a loan today — and that's okay. Building a strong, capital-ready business takes time, and we want to support you on that journey even if now isn't the right moment.
Additionally, if your business is located outside of Detroit, we are unable to serve you directly — but that doesn't mean you're out of options. The organizations listed below offer a range of services including business plan development, financial coaching, entrepreneur training, and alternative lending that may be a great fit for where you are right now.
Not Ready Yet? We Can Still Help.
Additional Resources
For All Small Businesses
Michigan Small Business Helper
A one-stop-shop for locating technical assistance, educational events, and capital resources for small businesses across Southeast Michigan.
Find a CDFI Near You
Community Development Financial Institutions (CDFIs) are mission-driven lenders that specialize in supporting small businesses and underserved communities. Use this directory to find a CDFI in your area.