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.
DEGC LOAN FUNDS
DETROIT INDUSTRIAL REVOLVING LOAN FUND (DIRLF)
DETROIT INDUSTRIAL REVOLVING LOAN FUND (DIRLF)
DOWNTOWN DEVELOPMENT AUTHORITY (DDA) LOAN FUNDS
SMALL BUSINESS LOAN TRANSACTION PROGRAM
HOUSING/ OFFICE/ RETAIL DEVELOPMENT PROGRAM
ECONOMIC DEVELOPMENT CORPORATION (EDC) LOAN FUNDS
RESIDENTS/ REAL ESTATE
NATIONAL/ REGIONAL RETAIL/ RESTAURANT
NON-AFFILIATED RETAIL/ RESTAURANT
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.
SUCCESS STORIES
LIVERNOIS COMMERCIAL CORRIDOR
August 2019: DEGC, through the Economic Development Corporation of the City of Detroit and in partnership with the City of Detroit and various lending institutions, created a zero-interest loan program for businesses impacted by construction along the Livernois commercial corridor. This financial tool provided flexible capital to qualifying small businesses located in the Livernois streetscape improvement area between 8 Mile Rd. and Margareta Ave. During the program, the DEGC provided loans to 23 businesses totaling more than $400,000. The program gave financial stability to businesses experiencing reduced revenues during the construction period.
OTHER FUNDING OPPORTUNITIES
INVESTMENTS
