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Chase, Kellogg launch $6.5 million Entrepreneurs of Color Fund
Minority-owned businesses in Detroit get access to capital, technical services
By TOM HENDERSON
The Detroit Development Fund, J.P. Morgan Chase & Co. and the W.K. Kellogg Foundation planned to announce today a $6.5 million lending program for Detroit businesses owned by minority entrepreneurs or businesses that primarily hire minorities.
The Entrepreneurs of Color Fund aims to boost economic opportunity for minority-owned businesses in Detroit by providing them with greater access to capital and business assistance.
Through the DDF, a Michigan 501(c)3 community development financial institution, the fund will provide financing for general contractors, small retailers, neighborhood service businesses and others.
The fund will target businesses that traditionally have lower credit quality, lack access to capital and staffing and primarily serve Detroit’s neighborhoods.
The money for the fund will come from a $3.5 million grant provided by the J.P. Morgan Chase Foundation as part of its $100 million commitment to Detroit’s economic recovery and from $3 million in program-related investments by the Kellogg Foundation.
The fund will provide short- and long-term loans. Loan sizes will vary but generally will be $50,000 to $150,000. The Kellogg Foundation initiated the fund.
“Small businesses have historically been at the heart of economic growth in Detroit, and they have the potential to reduce unemployment and expand opportunity for Detroiters,” said a release from Chase announcing the fund.
“There are approximately 32,000 minority-owned small businesses in Detroit, according to the U.S. Census. This ranks Detroit as the fourth-largest U.S. city for the number of minority-owned businesses. Yet, despite their importance to the economy, recent research by Michael S. Barr, professor of law at the University of Michigan, says minority-owned businesses rely significantly more on investments of personal or family wealth than on outside debt or equity.”
Detroit Mayor Mike Duggan agreed.
“For Detroit's comeback to be a true success, there must be opportunity for the Detroiters who have stayed,” said Duggan in the news release. “This new program fits perfectly with what our administration is doing, through Motor City Match and other efforts, to make sure Detroit residents who want to start a business in their city have access to the capital and support they need to be successful.”
Said Ray Waters, president of the Detroit Development Fund, “The Entrepreneurs of Color Fund is very exciting for us and the Detroit small businesses it will support.”
In addition to receiving capital, loan recipients will get technical assistance such as networking, marketing, business plan development and cash-flow management.
Eligible small businesses must be majority-owned by people of color or have more than half their workforce made up of people of color.
The Detroit Development Fund also will work with Max M. & Marjorie S. Fisher Foundation’s Detroit entrepreneurship programs.
Small-business owners can learn more about eligibility by contacting the Detroit Development Fund at (313) 784-9547 or vholsey@detroitdevelopmentfund.com.
The Detroit Development Fund, established in 1996, manages $23 million in loan capital. The fund has closed more than $36 million in loans to businesses in Detroit, which helped to retain about 1,200 jobs and created about 1,800 new jobs.
http://www.crainsdetroit.com/article/20150915/NEWS/150919911/chase-kellogg-launch-6-5-million-entrepreneurs-of-color-fund?X-IgnoreUserAgent=1
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Chase, Kellogg launch $6.5 million Entrepreneurs of Color Fund
Minority-owned businesses in Detroit get access to capital, technical services
By TOM HENDERSON
The Detroit Development Fund, J.P. Morgan Chase & Co. and the W.K. Kellogg Foundation planned to announce today a $6.5 million lending program for Detroit businesses owned by minority entrepreneurs or businesses that primarily hire minorities.
The Entrepreneurs of Color Fund aims to boost economic opportunity for minority-owned businesses in Detroit by providing them with greater access to capital and business assistance.
Through the DDF, a Michigan 501(c)3 community development financial institution, the fund will provide financing for general contractors, small retailers, neighborhood service businesses and others.
The fund will target businesses that traditionally have lower credit quality, lack access to capital and staffing and primarily serve Detroit’s neighborhoods.
The money for the fund will come from a $3.5 million grant provided by the J.P. Morgan Chase Foundation as part of its $100 million commitment to Detroit’s economic recovery and from $3 million in program-related investments by the Kellogg Foundation.
The fund will provide short- and long-term loans. Loan sizes will vary but generally will be $50,000 to $150,000. The Kellogg Foundation initiated the fund.
“Small businesses have historically been at the heart of economic growth in Detroit, and they have the potential to reduce unemployment and expand opportunity for Detroiters,” said a release from Chase announcing the fund.
“There are approximately 32,000 minority-owned small businesses in Detroit, according to the U.S. Census. This ranks Detroit as the fourth-largest U.S. city for the number of minority-owned businesses. Yet, despite their importance to the economy, recent research by Michael S. Barr, professor of law at the University of Michigan, says minority-owned businesses rely significantly more on investments of personal or family wealth than on outside debt or equity.”
Detroit Mayor Mike Duggan agreed.
“For Detroit's comeback to be a true success, there must be opportunity for the Detroiters who have stayed,” said Duggan in the news release. “This new program fits perfectly with what our administration is doing, through Motor City Match and other efforts, to make sure Detroit residents who want to start a business in their city have access to the capital and support they need to be successful.”
Said Ray Waters, president of the Detroit Development Fund, “The Entrepreneurs of Color Fund is very exciting for us and the Detroit small businesses it will support.”
In addition to receiving capital, loan recipients will get technical assistance such as networking, marketing, business plan development and cash-flow management.
Eligible small businesses must be majority-owned by people of color or have more than half their workforce made up of people of color.
The Detroit Development Fund also will work with Max M. & Marjorie S. Fisher Foundation’s Detroit entrepreneurship programs.
Small-business owners can learn more about eligibility by contacting the Detroit Development Fund at (313) 784-9547 or vholsey@detroitdevelopmentfund.com.
The Detroit Development Fund, established in 1996, manages $23 million in loan capital. The fund has closed more than $36 million in loans to businesses in Detroit, which helped to retain about 1,200 jobs and created about 1,800 new jobs.
http://www.crainsdetroit.com/article/20150915/NEWS/150919911/chase-kellogg-launch-6-5-million-entrepreneurs-of-color-fund?X-IgnoreUserAgent=1
This will be a great thing "IF" BLACK people get their fair share of the pie.
Yall better understand "minority" and "people of color" don't exclusively mean "Black" anymore. -
Chase, Kellogg launch $6.5 million Entrepreneurs of Color Fund
Minority-owned businesses in Detroit get access to capital, technical services
By TOM HENDERSON
The Detroit Development Fund, J.P. Morgan Chase & Co. and the W.K. Kellogg Foundation planned to announce today a $6.5 million lending program for Detroit businesses owned by minority entrepreneurs or businesses that primarily hire minorities.
The Entrepreneurs of Color Fund aims to boost economic opportunity for minority-owned businesses in Detroit by providing them with greater access to capital and business assistance.
Through the DDF, a Michigan 501(c)3 community development financial institution, the fund will provide financing for general contractors, small retailers, neighborhood service businesses and others.
The fund will target businesses that traditionally have lower credit quality, lack access to capital and staffing and primarily serve Detroit’s neighborhoods.
The money for the fund will come from a $3.5 million grant provided by the J.P. Morgan Chase Foundation as part of its $100 million commitment to Detroit’s economic recovery and from $3 million in program-related investments by the Kellogg Foundation.
The fund will provide short- and long-term loans. Loan sizes will vary but generally will be $50,000 to $150,000. The Kellogg Foundation initiated the fund.
“Small businesses have historically been at the heart of economic growth in Detroit, and they have the potential to reduce unemployment and expand opportunity for Detroiters,” said a release from Chase announcing the fund.
“There are approximately 32,000 minority-owned small businesses in Detroit, according to the U.S. Census. This ranks Detroit as the fourth-largest U.S. city for the number of minority-owned businesses. Yet, despite their importance to the economy, recent research by Michael S. Barr, professor of law at the University of Michigan, says minority-owned businesses rely significantly more on investments of personal or family wealth than on outside debt or equity.”
Detroit Mayor Mike Duggan agreed.
“For Detroit's comeback to be a true success, there must be opportunity for the Detroiters who have stayed,” said Duggan in the news release. “This new program fits perfectly with what our administration is doing, through Motor City Match and other efforts, to make sure Detroit residents who want to start a business in their city have access to the capital and support they need to be successful.”
Said Ray Waters, president of the Detroit Development Fund, “The Entrepreneurs of Color Fund is very exciting for us and the Detroit small businesses it will support.”
In addition to receiving capital, loan recipients will get technical assistance such as networking, marketing, business plan development and cash-flow management.
Eligible small businesses must be majority-owned by people of color or have more than half their workforce made up of people of color.
The Detroit Development Fund also will work with Max M. & Marjorie S. Fisher Foundation’s Detroit entrepreneurship programs.
Small-business owners can learn more about eligibility by contacting the Detroit Development Fund at (313) 784-9547 or vholsey@detroitdevelopmentfund.com.
The Detroit Development Fund, established in 1996, manages $23 million in loan capital. The fund has closed more than $36 million in loans to businesses in Detroit, which helped to retain about 1,200 jobs and created about 1,800 new jobs.
http://www.crainsdetroit.com/article/20150915/NEWS/150919911/chase-kellogg-launch-6-5-million-entrepreneurs-of-color-fund?X-IgnoreUserAgent=1
This will be a great thing "IF" BLACK people get their fair share of the pie.
Yall better understand "minority" and "people of color" don't exclusively mean "Black" anymore.
was flabbegasted finding out that white women benefited the most from affirmative action -
Elzo69Renaissance wrote: »Chase, Kellogg launch $6.5 million Entrepreneurs of Color Fund
Minority-owned businesses in Detroit get access to capital, technical services
By TOM HENDERSON
The Detroit Development Fund, J.P. Morgan Chase & Co. and the W.K. Kellogg Foundation planned to announce today a $6.5 million lending program for Detroit businesses owned by minority entrepreneurs or businesses that primarily hire minorities.
The Entrepreneurs of Color Fund aims to boost economic opportunity for minority-owned businesses in Detroit by providing them with greater access to capital and business assistance.
Through the DDF, a Michigan 501(c)3 community development financial institution, the fund will provide financing for general contractors, small retailers, neighborhood service businesses and others.
The fund will target businesses that traditionally have lower credit quality, lack access to capital and staffing and primarily serve Detroit’s neighborhoods.
The money for the fund will come from a $3.5 million grant provided by the J.P. Morgan Chase Foundation as part of its $100 million commitment to Detroit’s economic recovery and from $3 million in program-related investments by the Kellogg Foundation.
The fund will provide short- and long-term loans. Loan sizes will vary but generally will be $50,000 to $150,000. The Kellogg Foundation initiated the fund.
“Small businesses have historically been at the heart of economic growth in Detroit, and they have the potential to reduce unemployment and expand opportunity for Detroiters,” said a release from Chase announcing the fund.
“There are approximately 32,000 minority-owned small businesses in Detroit, according to the U.S. Census. This ranks Detroit as the fourth-largest U.S. city for the number of minority-owned businesses. Yet, despite their importance to the economy, recent research by Michael S. Barr, professor of law at the University of Michigan, says minority-owned businesses rely significantly more on investments of personal or family wealth than on outside debt or equity.”
Detroit Mayor Mike Duggan agreed.
“For Detroit's comeback to be a true success, there must be opportunity for the Detroiters who have stayed,” said Duggan in the news release. “This new program fits perfectly with what our administration is doing, through Motor City Match and other efforts, to make sure Detroit residents who want to start a business in their city have access to the capital and support they need to be successful.”
Said Ray Waters, president of the Detroit Development Fund, “The Entrepreneurs of Color Fund is very exciting for us and the Detroit small businesses it will support.”
In addition to receiving capital, loan recipients will get technical assistance such as networking, marketing, business plan development and cash-flow management.
Eligible small businesses must be majority-owned by people of color or have more than half their workforce made up of people of color.
The Detroit Development Fund also will work with Max M. & Marjorie S. Fisher Foundation’s Detroit entrepreneurship programs.
Small-business owners can learn more about eligibility by contacting the Detroit Development Fund at (313) 784-9547 or vholsey@detroitdevelopmentfund.com.
The Detroit Development Fund, established in 1996, manages $23 million in loan capital. The fund has closed more than $36 million in loans to businesses in Detroit, which helped to retain about 1,200 jobs and created about 1,800 new jobs.
http://www.crainsdetroit.com/article/20150915/NEWS/150919911/chase-kellogg-launch-6-5-million-entrepreneurs-of-color-fund?X-IgnoreUserAgent=1
This will be a great thing "IF" BLACK people get their fair share of the pie.
Yall better understand "minority" and "people of color" don't exclusively mean "Black" anymore.
was flabbegasted finding out that white women benefited the most from affirmative action
Thing is its so many people who don't even know that though. ? up part though that it has been that way for quite a few years now.
Black people ain't getting ? no more that exclusively for us. Everything pushed will either include latinos or just minorities overall and in both of those situations black people are ? . We as black people laid the ground work just so everyone can reap the fruits of our labor. Then these people benefitting from our fight don't even like us.
The more things change the more they stay the same!! -
My curiosity centers around what are the other requirements to get the loan, as well as the interest rate on the loan and are they prepared to support a bunch of business that will struggle their first few years
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I think ? white men are considered minorities too
Crackas wit a half cherokee great great auntie, minoritY
Zimmerman = minority
? a joke...we gotta stop embracing the minority title, even these blacks spokespeople are goaded to do so by who's funding them -
Alpha_Ambition wrote: »
I have been searching all over for a shirt with the african symbol like this!!! -
We should have black crowdfunding sites. Would solve so many things
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Sounds like a great opportunity for someone Detroit based. Prepare a solid plan and contact a local representative to push the plan forward. That's their job and they love publicity. Don't waste time speculating about other applicants.
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Alpha_Ambition wrote: »
I have been searching all over for a shirt with the african symbol like this!!!
@mzkb u should ve said something -
Elzo69Renaissance wrote: »Alpha_Ambition wrote: »
I have been searching all over for a shirt with the african symbol like this!!!
@mzkb u should ve said something
@Elzo69Renaissance you know where I can get one? -
detroit huh open up a black owned medicinal weed dispesary.
