DETROIT – Small to mid-sized, retail storefront businesses in targeted areas of Detroit?s downtown ? Midtown, Downtown, Riverfront, Eastern Market and Corktown ? now have access to a $5 million revolving loan program created by the Detroit Investment Fund and the Michigan Economic Development Corp.
The Detroit Urban Retail Loan Fund will target boutique grocery stores, restaurants, neighborhood services and small commercial businesses.
The URLF is open for business and proposals are being accepted at the Detroit Investment Fund, Attention: URLF Program, 600 Renaissance Center, Suite 1710, Detroit, MI 48243.
?By providing lending support to small and mid-sized retail storefront businesses in developing neighborhoods, the URLF will accelerate the economic development of the Greater Downtown,? said Dave Blaszkiewicz, president, Detroit Investment Fund.
URLF loans will be managed by the Detroit Investment Fund. Businesses that will be served by the URLF include boutique grocery stores, restaurants, neighborhood services and small commercial businesses.
?The MEDC is committed to making capital available to businesses at all stages of development,? said MEDC CEO James Epolito. ?These targeted funds will go directly into neighborhood businesses, help grow new jobs and drive additional economic activity in the community.?
Loans provided by the URLF will range from as low as $50,000 to a maximum of $500,000, with a preferred range of $150,000 to $300,000. MEDC partnered with the Detroit Investment Fund to create the URLF in support of its ongoing efforts in Detroit and its mission to promote smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.
?Retail is very important for the revitalization and continued growth of greater Downtown Detroit,? said Doug Rothwell, president, Detroit Renaissance. ?Detroit Renaissance will continue to support our long standing commitment to redeveloping Detroit.?
The Detroit Investment Fund is a $50 million private capital fund created by Detroit Renaissance to provide financing to growth-oriented businesses, high-impact real estate projects and special projects which address strategic needs of the City of Detroit. The Fund provides capital loans, which will leverage owner equity so that the contemplated transaction will merit traditional financing. The Fund views itself as a catalyst for investment in the city and funds projects that have the potential to stimulate economic development within Detroit.
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