Detroit Loan Program
The Small Business Detroit Loan Program was created through a partnership with the City of Detroit’s Mayor’s Office of Neighborhood and Commercial Revitalization (ONCR), CEED Lending and the U.S. Small Business Administration. The purpose is to provide business start-up and expansion financing to those businesses in Detroit that cannot obtain traditional financing.
The Detroit Small Business Loan Program is funded through the Casino Business Development Fund created under the temporary casino agreements. One-and-a-half million of the funds are designated to assist first-time entrepreneurs and other underserved populations with start-up or expansion of small businesses. The Small Business Detroit Loan Program offers small business loans ranging from $5,000 to $50,000.
The Detroit Loan Program has provided 1.2 Million in loans – creating 66 jobs and retaining 96 more.