Invest Detroit provides the following types of financing to support community and economic development in the City of Detroit.
Predevelopment loans promote development of commercial, residential and mixed-use projects in targeted areas of Detroit by providing the developer or community organization with financing for the costs of predevelopment planning including: land acquisition, purchase options, title work, feasibility studies, environmental studies, etc. Loans range from $50,000 to $150,000.
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Emerging and start-up service, product, and device and technology businesses led by management teams that have relevant experience and that have successfully completed a training program through a qualified regional business incubator/accelerator will have access to micro-loans. Micro-loan applications must be submitted by a qualified business incubator/accelerator representing the company as its sponsor. Micro-loans range from $10,000 to $50,000.
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Business & equipment loans provide financing for the purchase of machinery, equipment and real property; the improvement of real property, and/or the restructuring of existing debt where the loan will be subordinated to the senior lender and provide the capital base for the borrower to obtain traditional financing. In addition, working capital financing will be provided to meet the needs created by the expansion.
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Real estate financing is available for the development of commercial residential real estate and neighborhood retail centers sponsored by experienced developers. These loans assist developers in meeting the financing requirements of traditional lenders. They will be subordinate to the senior lender but will not exceed 50% of the equity required for the project.
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Neighborhood retail financing is available to small and medium-sized retail and service businesses in the Greater Downtown area which includes Corktown, Downtown, Easter Market, Midtown, New Center and the Riverfront. These loans range in size from $50,000 to $500,000 and are provided by the Urban Retail Loan Fund.
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