Friday, October 24, 2014
Funds Available to Help Detroit Entrepreneurs
Invest Detroit is one of many programs that support Detroit small business development and entrepreneurship. But many small business owners in the Detroit area are not aware of all the various types of programs available or how to apply for funding.
Recently, in an interview with Invest Detroit President David Blaszkiewicz by Crain's Detroit Business Magazine, Mr. Blaszkiewicz took the time to explain many of the programs included in Invest Detroit that entrepreneurs can seek out for funding. The Invest Detroit Foundation's $20 million in funds supports a broad range of businesses. Here are just a few of the key points that entrepreneurs should know about Invest Detroit.
Q: How does Invest Detroit assist entrepreneurs?
A: Invest Detroit has an Urban Retail Loan Fund that provides financing and matching technical assistance grants to help entrepreneurs increase their business, a Venture Development Organization that promotes entrepreneurship, especially among minorities and women, Invest Detroit’s First Step Fund and Detroit Innovate which support companies in the Detroit region with high growth potential, and the annual Accelerate Michigan Innovation Competition held every November which honors top early-stage entrepreneurs with $1 million in cash and in-kind prizes.
Q: How does Invest Detroit help minority-owned businesses?
A: Invest Detroit works with the community and foundations to identify minority-owned businesses in Detroit and helps them get access to capital for their companies. Help is available in the form of technical assistance grants and tailored lending programs that support diverse business creation and expansion.
To read more of what Invest Detroit does for small business owners, visit www.crainsdetroit.com/article/20141015/BLOG106/141019920/invest-detroits-targeted-funding-tools-help-boost-small-business