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Loan program for minority-owned businesses

Posted at 10:59 AM, Sep 15, 2015
and last updated 2015-09-15 10:59:44-04

A new loan program launched by the Detroit Development Fund, JPMorgan Chase & Co. and the W.K. Kellogg Foundation is geared specifically for minority-owned businesses in Detroit.

It's called the "Entrepreneurs of Color Fund." Loans will be short and long-term with an average range of $50,000 to to $150,000.

The money can be used to grow businesses and buy equipment.

It's part of the JP Morgan Chase Foundation's $100-million commitment to help in Detroit's economic recovery. 

"For Detroit's comeback to be a true success, there must be opportunity for the Detroiters who have stayed,” said Detroit Mayor Mike Duggan in a press release. “This new program fits perfectly with the work my administration is doing with Ken Harris and the Michigan Black Chamber of Commerce 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."