Business financial help is offered under a number of programs, depending on location, the type of business or investment. Here’s a summary organized by category. Click on links to learn more.
Business Zones – incentives based on specific location.
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Renaissance Zones. Detroit’s Renaissance Zones total 1,477 acres in 16 distinct areas throughout the city. Qualified businesses located in Renaissance Zones pay essentially no state or local taxes for a period of years.
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Brownfield Redevelopment - State law gives the Detroit Brownfield Redevelopment Authority tools to redevelop blighted and/or functionally obsolete properties. Organizations redeveloping property declared as brownfields can earn Michigan Business Tax credits, and may be reimbursed for some development expenses from tax-increment financing. The tax increment bonds are paid off from increases in property taxes created by the new investment.
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Renewal Community. Renewal Community is a federal incentive program that provides revitalization deductions, employee tax credits, zero-capital gains taxes, and accelerated depreciation for commercial businesses that construct or rehabilitate buildings and hire local residents.
Other Tax Incentives
A summary of available incentives can be found here.
Loan Assistance
- Casino Development Loan Fund
- The Business Development Loan Fund. Provides loans of up to $200,000 or 40% of the project cost for restaurants and retail outlets.
- The Real Property Gap Fund provides loans up to $750,000 or 40% or the project cost to City of Detroit residents for real property rehabilitation projects.
- The Detroit Investment Fund can make loans available to eligible businesses.
- Detroit Industrial Revolving Loan Fund
- DDA Housing/Office/Retail Loan Program
- DDA Small Business Loan Transaction Program
- DEGC lines of credit
- Economic Development Corporation loan programs
A summmary of available loan programs can be found here.
Other Financial Assistance
Jefferson Avenue Retail Readiness Program - Matching grants up to $100,000 for eligible businesses located along the Jefferson Avenue corridor from I-375 to McClellan Street. The eligible area runs along Jefferson Avenue from I-375 to McClellan Street (
See Program Area Map). Businesses can apply for 50/50 matching grants for property improvements up to $100,000 per building or $30,000 per parking lot (
See Fact Sheet).
In addition to the matching grants, free conceptual design services up to a maximum of $5,000 are available to program participants, if necessary. A list of architectural firms can be provided upon request. Persons with viable projects interested in locating in this area should contact the
Project Manager at (313) 237-4601 before applying for an individual project.
Creative Corridor Investment Fund has opened for applications, with a goal of creating 125,000 sq. ft. of office space designed specifically for companies in the creative industries, and 400 new jobs in Detroit over the next 5 years. The Fund also expects to create new centers of dense commercial activity that attract creative talent and companies (See Fact Sheet).