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Minority-owned small businesses in Detroit have a potential new source of business capital, thanks to a $6.5-million lending program being announced today.
The Entrepreneurs of Color Fund is aimed at boosting economic opportunity for minority-owned businesses in Detroit by providing them with greater access to capital and business assistance. Loan sizes will vary, but the average loan will range from $50,000 to $150,000. Businesses that receive financing will be able to use the capital to expand, finance equipment, address short-term cash-flow needs and provide contractor lines of credit.
The fund will also provide loan recipients with technical assistance, such as networking, marketing, business plan development and cash-flow management.
