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Monday, December 25, 2017

This Entrepreneur Fund is Expanding From $6.5 Million to $18 Million For Minority Owned Small Businesses - 53% Are Owned By Women

This Entrepreneur Fund is Expanding From $6.5 Million to $18 Million For Minority Owned Small Businesses - 53% Are Owned By Women
Detroit's Entrepreneurs of Color Fund has some pretty large backers, and they just increased the fund from $6.5 million to $18 million. The fund is for minority small businesses in Detroit, of which over 50 percent are owned by women.
Big investors - bigger fund

Big investors in Detroit's Entrepreneurs of Color Fund has enabled the fund to expand 3 times larger, now totaling $18 million. Investors like JPMorgan Chase and the W.K. Kellogg Foundation, along with non-profit the Detroit Development Fund, and new investors such as Fifth Third Bank, the Ralph C. Wilson Foundation and the Kresge Foundation, all are optimistic about the growth of small businesses, especially those owned by minorities and women.

Detroit residents buy from small businesses

But it's not just blind faith that drives these investors. Research shows that Detroit residents direct a significantly higher percentage of their spending through small businesses than other city dwellers across the nation. In addition, Detroit also has the fourth-largest number of minority-owned small businesses among American cities.

The Entrepreneurs of Color Fund is part of a $150 million, five-year commitment by JPMorgan Chase, the country’s biggest bank, to steer more of its corporate philanthropy dollars toward revitalizing inner cities like Detroit. Loans from the fund range from $50,000 to $150,000 and businesses can use the capital to expand, finance equipment, address short-term cash flow needs and provide contractor lines of credit.

To learn more about Detroit's Entrepreneurs of Color Fund, visit www.detroitdevelopmentfund.com/products/entrepreneurs-of-color/