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Examining the Motor City Contractor Fund and what it means to Detroit

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Posted at 5:52 PM, Apr 05, 2022
and last updated 2022-04-05 19:17:44-04

(WXYZ) — In tonight's 7 UpFront segment we're taking a look at the creation of the Motor City Contractor Fund.

The latest initiative from the Gilbert Family Foundation and the Rocket Community Fund is a $10 million pilot program to benefit Detroit-based contractors.

Joining us to talk about it are the Vice President of the Community Reinvestment Fund USA Krysta Pate and the Executive Director of Lifeline Global Consulting Dr. Nicole Parker.

You can see the full interview in the video player above.

"This fund was specifically designed for Detroit-based contractors headquartered in Detroit," says Pate. "The fund has two aspects to it. It has capital, so lending between $25,000 and $300,000 for the contractors to get them through jobs that they have lined up annually. And it also has technical assistance provided by Lifeline Global Consulting that will serve as an incubator to help these contractors grow their businesses."