This page offers entrepreneurs resources to find lenders, crowdfunding sources, and businesses that assist with funding to help you get the capital you need to create and maintain a successful business. You can decide which one is better for you, and you can also apply to more than one to start or grow your business.
The ProsperUS Detroit Lending Program provides access to capital for start-up and existing small businesses that otherwise might not have access with traditional sources. Graduates of ProsperUS Detroit’s entrepreneur training program, who intend to locate their business in one of our five target neighborhoods, are eligible to apply for small business loans. ProsperUS Detroit provides financing up to $15,000 for start-up businesses and up to $25,000 for existing businesses with a 7% interest rate.
With more than 30 years of high impact work, Michigan Women’s Foundation is devoted to fostering economic empowerment for Michigan’s women and girls through philanthropy and investment.
CEED Lending is an initiative of the Great Lakes Women’s Business Council. They provide small business loans to start-up and existing enterprises owned by men and women.
DEGC- Growth Corporation helps with all aspects of the city of Detroit: through connecting people to opportunities and resources in the city like business planning, space, and money matching (through MotorCity Match) to aid small businesses in Detroit.
DEGC offers two programs:
Invest Detroit selectively co-writes large loans that are managed for for-profit and nonprofit targeted funds to supported economic and community improvement in underserved areas of Detroit.
The Opportunity Resource Fund is a statewide nonprofit loan fund to further develop the business communities. For small businesses, the OppFund provides loans for the start up or expansion of a small business’ pre-development costs, acquisition, construction, or renovation of a building, purchase of land, inventory and working capital for a planned business expansion.
The Detroit Development Fund is a small business lender, giving grants in the form of a loan. They provide term loans and lines of credit for small business owners, among other loans.
Ioby utilizes a crowd-funding platform to connect community centered business owners with funding and support. These businesses are typically used to make improve all aspects of neighborhoods.
Kiva is housed in Build, community members chose to loan funds to businesses they feel connected with. Overtime, these crowdfunded loans get repaid to the community.
Patronicity is a state funded civic crowdfunding and crowdgranting platform.
Sidewalk Ventures provides community based investment funding, post funding advisory, and further developing and supporting these businesses.
At a Detroit SOUP dinner, entrepreneurs pitch any type of project (typically for nonprofits) that will benefit their business and the community. Following their pitch, audience members vote on which project will benefit their community the most; the winner receives all the money at the door.
The Eastern Market corporation helps match food entrepreneurs with resources like commercial kitchen space and guidance. The Detroit Kitchen Connect allows for food entrepreneurs to seek funding, connections, classes, and resources regarding food law
Goldman Sachs 10,000 Small Businesses is a program that offers funding if accepted into the program. They coach entrepreneurs in topics such as negotiation, marketing, and employee management and support to develop a strategic growth plan. You much apply to this program.
The Great Lakes Women’s Business Council is a nonprofit that supports women and minority small business owners by facilitating access to capital, corporate procurement opportunities, and certification for these entrepreneurs.
HatchDetroit is a pitch competition for entrepreneurs that gives grant funding and advice to the winner of the multi-round competition.
The Michigan Women’s Foundation provides entrepreneurial training, capital, and access to a strong entrepreneurial ecosystem for women who are starting and growing businesses, eventually empowering them to gain traditional funding. They provide technical assistance, business consulting, capital, and other partner organizations to help grow businesses.
Wayne State University’s Innovation Warriors supports a variety of aspects of entrepreneurship and business development. They offer general entrepreneur education, teach tech skills, ensure mentoring for budding small business owners, and allow for pitch competitions and grant connections to mentors.