NEI Story Quick Facts
Grants: Detroit Development Fund, Detroit Microloan Collaborative, Detroit Retail Micro-Lending Capital and Capacity Project
Grant Amount Total: $1,950,000
Grant Period: 7/10/2009 - 9/30/2014
- Create jobs for Detroit neighborhood residents.
- Create an accessible micro-loan program open to entrepreneurs.
- Accelerate the rising tide of young, creative entrepreneurial energy coming to Detroit.
Our focus is on helping businesses grow in the city.
- Ray Waters, Detroit Development Fund
Detroit Development Fund
A private sector boom is underway in downtown Detroit. Companies are relocating employees to the central business district and creating new jobs there at a rate unseen in decades.
In the midst of all of this, the Detroit Development Fund, which has offices located in the Paradise Valley/Harmonie Park section of downtown, is working to promote equitable access to financing among minorities and women-owned businesses in downtown Detroit and throughout the City’s neighborhoods.
The Detroit Development Fund fills gaps in the lending market left by traditional institutions like banks. Since 2005, the fund has made loans in excess of $20 million within the City of Detroit. A majority of those loans have gone to minority owned businesses. Detroit Development Fund is working hard to ensure that downtown’s boom is accessible and equitable for everyone in the City.
Lifeline Business Consulting Services
Getting that first bit of financing can be challenging for small business owners and entrepreneurs. They need a business plan in place and strategize about how they will repay any loans they take to help them grow. Luckily for small and medium sized women owned businesses in the City of Detroit, Nicole Huffman and LifeLine Business Consulting Services is there to help ensure they are prepared for the responsibilities that come with financing from agencies like the Detroit Development Fund.
Nicole works one-on-one with business owners, coaching them and preparing them to work with financiers like the Detroit Development Fund.
Mobile Care 247
The team at Mobilecare247 met while working together at a startup. The company didn't survive, but they formed a relationship and decided to go into business for themselves. The Mobilecare team had a product: a mobile application that helps doctors and patients with chronic+ illnesses like diabetes track and manage their conditions. They also had the skills to run and scale a company. The only component they were missing was capital, so they turned to Detroit Development Fund, which got them some financing that added steam to their operation and gave them credibility in the eyes of other investors.
Mobilecare247 has built a client base in Metro Detroit's healthcare industry, and now they are ready to scale their product nationally.