Areas Served: City of Detroit, Michigan
The Small Business Detroit MicroLoan Program (SBDMP) was created through a partnership between the City of Detroit’s Mayor’s Office of Neighborhood and Commercial Revitalization (ONCR) and the Center for Empowerment & Economic Development (CEED).
The purpose is to provide business start-up and expansion financing to those businesses in Detroit that cannot obtain traditional financing.
May 05, 2006 the city of Detroit announced the Small Business Detroit MicroLoan Program will be handled by the Mayor’s Office of Neighborhood Commercial Revitalization (ONCR).
Upon meeing the criteria andrequirements the Center for Empowerment and Economic Development (CEED) was selected to administer Detroit’s MicroLoan Program.
The Small Business Detroit MicroLoan 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 MicroLoan Program will offer microloans ranging from $5,000 to $35,000. – Loan amounts are $5,000 to $50,000. – Loans must be on a secured basis, with guarantees of collateral and/or possibly a cosigner.
– Loan recipients may be allowed up to five years (60 months) to repay loans.
– Application fee is $75 (nonrefundable) – Interest rates are set at four percent (4%) above prime, with a minimum rate of eight percent(8%).
Contact InformationCenter for Empowerment and Economic Development
Address: 2002 Hogback Road
City: Ann Arbor
State: Michigan
Website:
http://www.miceed.org/index.php?option=com_content&view=article&id=75
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