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FUNDING
WHAT IS A REVOLVING LOAN FUND?
Revolving loan funds are pools of money used to make loans for development and small business expansion. A loan from a loan fund can serve as a bridge between the amount the borrower can borrow from a private lender, such as a bank, and the amount needed to start or expand a business or development project. Loan funds are usually established using money from both public and private sources. As loans are repaid to the loan fund, new loans can be issued to other businesses. The DEGC administers several different loan funds, as described below. Each loan fund has specific application and performance requirements.
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DEGC LOAN FUNDS
DETROIT INDUSTRIAL REVOLVING LOAN FUND (DIRLF)
DETROIT INDUSTRIAL REVOLVING LOAN FUND (DIRLF)
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WHAT ARE THE PROGRAM BENEFITS?
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WHY PARTICIPATE?BuyDetroit understands the unique needs of buyers and sellers, and is creating resources to better prepare Detroit small- and mid-sized businesses to successfully compete for new business opportunities. This includes improving peer connections, building capacity and facilitating access to large contracts – all in one place.
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WHO IS ELIGIBLE?Supplier Requirements: Headquartered or based in the City of Detroit Registered and in good standing with the State of Michigan Have an EIN number In business for two or more years Have a valid license for the trade or profession the company is registered as (such as Lawyer, CPA, tradesman, and other licensed-required fields) Have a DUNS number if applying for government contracts Buyer Requirements: Agree to a clear, concise and fair bidding process that includes a scoring rubric List real opportunities with open and close dates Provide an opportunity description and a contract value Provide timely response to suppliers’ questions about the opportunity Have an EIN number In business for two or more years Must not discriminate
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HOW TO PARTICIPATE?Create an account and register for the Marketplace.
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WHAT TYPES OF OPPORTUNITIES ARE AVAILABLE?Buyers post specific opportunities in a variety of product and service areas. Opportunities are typically Request for Proposals/Qualifications (RFP/Q) from such notable organizations as the City of Detroit, Bedrock, DTE, Wayne State University and Comerica.
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AT A GLANCE
DOWNTOWN DEVELOPMENT AUTHORITY (DDA) LOAN FUNDS
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WHAT ARE THE PROGRAM BENEFITS?
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WHY PARTICIPATE?BuyDetroit understands the unique needs of buyers and sellers, and is creating resources to better prepare Detroit small- and mid-sized businesses to successfully compete for new business opportunities. This includes improving peer connections, building capacity and facilitating access to large contracts – all in one place.
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WHO IS ELIGIBLE?Supplier Requirements: Headquartered or based in the City of Detroit Registered and in good standing with the State of Michigan Have an EIN number In business for two or more years Have a valid license for the trade or profession the company is registered as (such as Lawyer, CPA, tradesman, and other licensed-required fields) Have a DUNS number if applying for government contracts Buyer Requirements: Agree to a clear, concise and fair bidding process that includes a scoring rubric List real opportunities with open and close dates Provide an opportunity description and a contract value Provide timely response to suppliers’ questions about the opportunity Have an EIN number In business for two or more years Must not discriminate
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HOW TO PARTICIPATE?Create an account and register for the Marketplace.
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WHAT TYPES OF OPPORTUNITIES ARE AVAILABLE?Buyers post specific opportunities in a variety of product and service areas. Opportunities are typically Request for Proposals/Qualifications (RFP/Q) from such notable organizations as the City of Detroit, Bedrock, DTE, Wayne State University and Comerica.
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AT A GLANCE
SMALL BUSINESS LOAN TRANSACTION PROGRAM
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WHAT ARE THE PROGRAM BENEFITS?
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WHY PARTICIPATE?BuyDetroit understands the unique needs of buyers and sellers, and is creating resources to better prepare Detroit small- and mid-sized businesses to successfully compete for new business opportunities. This includes improving peer connections, building capacity and facilitating access to large contracts – all in one place.
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WHO IS ELIGIBLE?Supplier Requirements: Headquartered or based in the City of Detroit Registered and in good standing with the State of Michigan Have an EIN number In business for two or more years Have a valid license for the trade or profession the company is registered as (such as Lawyer, CPA, tradesman, and other licensed-required fields) Have a DUNS number if applying for government contracts Buyer Requirements: Agree to a clear, concise and fair bidding process that includes a scoring rubric List real opportunities with open and close dates Provide an opportunity description and a contract value Provide timely response to suppliers’ questions about the opportunity Have an EIN number In business for two or more years Must not discriminate
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HOW TO PARTICIPATE?Create an account and register for the Marketplace.
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WHAT TYPES OF OPPORTUNITIES ARE AVAILABLE?Buyers post specific opportunities in a variety of product and service areas. Opportunities are typically Request for Proposals/Qualifications (RFP/Q) from such notable organizations as the City of Detroit, Bedrock, DTE, Wayne State University and Comerica.
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AT A GLANCE
HOUSING/ OFFICE/ RETAIL DEVELOPMENT PROGRAM
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WHAT ARE THE PROGRAM BENEFITS?
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WHY PARTICIPATE?BuyDetroit understands the unique needs of buyers and sellers, and is creating resources to better prepare Detroit small- and mid-sized businesses to successfully compete for new business opportunities. This includes improving peer connections, building capacity and facilitating access to large contracts – all in one place.
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WHO IS ELIGIBLE?Supplier Requirements: Headquartered or based in the City of Detroit Registered and in good standing with the State of Michigan Have an EIN number In business for two or more years Have a valid license for the trade or profession the company is registered as (such as Lawyer, CPA, tradesman, and other licensed-required fields) Have a DUNS number if applying for government contracts Buyer Requirements: Agree to a clear, concise and fair bidding process that includes a scoring rubric List real opportunities with open and close dates Provide an opportunity description and a contract value Provide timely response to suppliers’ questions about the opportunity Have an EIN number In business for two or more years Must not discriminate
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HOW TO PARTICIPATE?Create an account and register for the Marketplace.
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WHAT TYPES OF OPPORTUNITIES ARE AVAILABLE?Buyers post specific opportunities in a variety of product and service areas. Opportunities are typically Request for Proposals/Qualifications (RFP/Q) from such notable organizations as the City of Detroit, Bedrock, DTE, Wayne State University and Comerica.
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AT A GLANCE
ECONOMIC DEVELOPMENT CORPORATION (EDC) LOAN FUNDS
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WHAT ARE THE PROGRAM BENEFITS?
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WHY PARTICIPATE?BuyDetroit understands the unique needs of buyers and sellers, and is creating resources to better prepare Detroit small- and mid-sized businesses to successfully compete for new business opportunities. This includes improving peer connections, building capacity and facilitating access to large contracts – all in one place.
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WHO IS ELIGIBLE?Supplier Requirements: Headquartered or based in the City of Detroit Registered and in good standing with the State of Michigan Have an EIN number In business for two or more years Have a valid license for the trade or profession the company is registered as (such as Lawyer, CPA, tradesman, and other licensed-required fields) Have a DUNS number if applying for government contracts Buyer Requirements: Agree to a clear, concise and fair bidding process that includes a scoring rubric List real opportunities with open and close dates Provide an opportunity description and a contract value Provide timely response to suppliers’ questions about the opportunity Have an EIN number In business for two or more years Must not discriminate
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HOW TO PARTICIPATE?Create an account and register for the Marketplace.
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WHAT TYPES OF OPPORTUNITIES ARE AVAILABLE?Buyers post specific opportunities in a variety of product and service areas. Opportunities are typically Request for Proposals/Qualifications (RFP/Q) from such notable organizations as the City of Detroit, Bedrock, DTE, Wayne State University and Comerica.
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AT A GLANCE
RESIDENTS/ REAL ESTATE
NATIONAL/ REGIONAL RETAIL/ RESTAURANT
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WHAT ARE THE PROGRAM BENEFITS?
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WHY PARTICIPATE?BuyDetroit understands the unique needs of buyers and sellers, and is creating resources to better prepare Detroit small- and mid-sized businesses to successfully compete for new business opportunities. This includes improving peer connections, building capacity and facilitating access to large contracts – all in one place.
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WHO IS ELIGIBLE?Supplier Requirements: Headquartered or based in the City of Detroit Registered and in good standing with the State of Michigan Have an EIN number In business for two or more years Have a valid license for the trade or profession the company is registered as (such as Lawyer, CPA, tradesman, and other licensed-required fields) Have a DUNS number if applying for government contracts Buyer Requirements: Agree to a clear, concise and fair bidding process that includes a scoring rubric List real opportunities with open and close dates Provide an opportunity description and a contract value Provide timely response to suppliers’ questions about the opportunity Have an EIN number In business for two or more years Must not discriminate
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HOW TO PARTICIPATE?Create an account and register for the Marketplace.
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WHAT TYPES OF OPPORTUNITIES ARE AVAILABLE?Buyers post specific opportunities in a variety of product and service areas. Opportunities are typically Request for Proposals/Qualifications (RFP/Q) from such notable organizations as the City of Detroit, Bedrock, DTE, Wayne State University and Comerica.
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AT A GLANCE
NON-AFFILIATED RETAIL/ RESTAURANT
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WHAT ARE THE PROGRAM BENEFITS?
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WHY PARTICIPATE?BuyDetroit understands the unique needs of buyers and sellers, and is creating resources to better prepare Detroit small- and mid-sized businesses to successfully compete for new business opportunities. This includes improving peer connections, building capacity and facilitating access to large contracts – all in one place.
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WHO IS ELIGIBLE?Supplier Requirements: Headquartered or based in the City of Detroit Registered and in good standing with the State of Michigan Have an EIN number In business for two or more years Have a valid license for the trade or profession the company is registered as (such as Lawyer, CPA, tradesman, and other licensed-required fields) Have a DUNS number if applying for government contracts Buyer Requirements: Agree to a clear, concise and fair bidding process that includes a scoring rubric List real opportunities with open and close dates Provide an opportunity description and a contract value Provide timely response to suppliers’ questions about the opportunity Have an EIN number In business for two or more years Must not discriminate
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HOW TO PARTICIPATE?Create an account and register for the Marketplace.
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WHAT TYPES OF OPPORTUNITIES ARE AVAILABLE?Buyers post specific opportunities in a variety of product and service areas. Opportunities are typically Request for Proposals/Qualifications (RFP/Q) from such notable organizations as the City of Detroit, Bedrock, DTE, Wayne State University and Comerica.
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AT A GLANCE
RESPONSIVE DEGC GRANTS AND LOANS
In response to current events and economic conditions, the DEGC works with its partners, such as the Michigan Economic Development Corporation (MEDC) and the City of Detroit, to administer grants and forgivable loan programs. These responsive grants and loans grow small businesses and help those facing hardship. New opportunities are posted on our home page as they become available.