What We Do
“TO IMPROVE THE QUALITY OF LIFE IN UNDERSERVED DETROIT NEIGHBORHOODS AND FOR DETROIT RESIDENTS.”
Detroit Development Fund is a non-profit (501(c)(3)) organization and a certified community development financial institution, incorporated in the state of Michigan. Detroit Development Fund was created in 1998 with an initial mission of helping revitalize an economically distressed target area in Detroit’s far East side neighborhoods. It now operates throughout the City of Detroit. Detroit Development Fund provides loans and technical assistance to small business owners, developers, building owners, contractors, and subcontractors who cannot get all of the capital they need from traditional financing sources. It delivers its products and services with the goals of revitalizing businesses and neighborhoods in Detroit, Michigan, creating economic equity, and promoting a healthy environment. The organization’s stated mission is “ TO IMPROVE THE QUALITY OF LIFE IN UNDESERVED DETROIT NEIGHBORHOODS AND FOR DETROIT RESIDENTS.”
Detroit Community Loan Fund
Detroit Development Fund manages both an on-balance sheet and off-balance sheet loan fund. The on-balance sheet loan fund is capitalized with PRIs from the Ford Knight Foundations, a line of credit from LaSalle Bank, and grants from Ford, Kresge, and the New Economy Initative. Detroit Development Fund also manages the Detroit Community Loan Fund, a private, for-profit entity in which Detroit Development Fund is a minority investor. The Detroit Community Loan Fund is a small business lending fund, originally organized by Detroit Renaissance and currently organized by Invest Detroit. Detroit Development Fund manages the Detroit Community Loan Fund under contract; the loan fund does not appear on its balance sheet. As of June 30, 2011, Detroit Development Fund had $13.25 million of loan capital on its balance sheet to lend for its programs derived from 6 different sources. The Detroit Community Loan Fund, as of June 30, 2011, had $2.59 million to lend for its programs. Detroit Community Loan Funds are not shown on Detroit Development Funds balance sheet.