Wednesday, November 26, 2014
$100 Million Fund to Help Black and Other Minority Entrepreneurs in Detroit
Small- and medium-sized businesses in Detroit and Southeast Michigan are getting some financial help to stay competitive, and it's not coming from a bank. The financing comes in the form of below bank rate loans of $100,000 to $25 million from the Michigan Minority Supplier Development Council.
Who are they and why are they helping minority-owned businesses?
The Michigan Minority Supplier Development Council is a non-profit organization committed to improving economic growth within minority communities. They understand that capital is a big problem for minority-owned businesses and that without it, they cannot compete for large contracts where the money is. The organization recently announced they are committed to a total of $100 million in loans through their new Minority Business Access Fund.
How to qualify
Businesses must have been in operation for at least six months and be located in Southeast Michigan. The much-needed loans will enable many small- to medium-sized minority-owned businesses to go after large contracts in the area, such as the Red Wings arena project, which has promised that over half of jobs and 30 percent of contracts will go to businesses based in Detroit of which many are owned by minorities.
In addition to loans, the organization will offer business training courses for small businesses that will help them position themselves for more contracts.
For more information on the Minority Business Access Fund and how to apply, visit http://mbafund.minoritysupplier.org