Incentives and Financing

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.    
 
  • Renaissance Zones - Detroit’s Renaissance Zones total more than 1,200 acres in 12 distinct areas throughout the city. Qualified businesses located in Renaissance Zones receive a waiver of most state or local taxes for up to 15 years.
  • Brownfield Redevelopment -   State law allows the Detroit Brownfield Redevelopment Authority to utilize Tax Increment Financing (TIF) to promote the revitalization of contaminated, blighted, and obsolete properties within the boundaries of the City of Detroit. Developers of an approved Brownfield plan are eligible for (TIF) reimbursement for activities such as remediation, demolition, site preparation, and public infrastructure improvements.    
 
Other Tax Incentives:  
 
  • Property Tax Abatements - The City of Detroit can offer property owners and businesses both real and personal property tax abatements for investments that meet specific criteria. (PA 198)
  •  Workforce Development - The Detroit Employment Solutions Corporation can offer workforce training assistance to new and existing businesses located in the city. 
 
Loan Assistance:    
 
  • Casino Development Loan Funds:
    • 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.  Invest Detroit can make loans available to eligible businesses. 
 
Other Financial Assistance:  
 
SmartBuildings Grants/Green Fund Loans – SmartBuildings Detroit includes both leveraged grants and loans for energy conservation improvements to commercial or industrial buildings in greater downtown Detroit. Eligible projects can receive grants up to 25% of total project costs, plus loans of up to 40% of total project costs, to a maximum of $100,000 for all assistance. Visit theSmart Buildings Detroit Program page to download additional information and a loan application package.    
 
Creative Corridor Investment Fund (CCIF)  - This program 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 five years. The Fund also expects to create new centers of dense commercial activity that attract creative talent and companies.  For further information please download the CCIF fact sheet.  
 
Green Grocer Project - The DEGC's Green Grocer Project aim's to stimulate renewed investment in Detroit neighborhoods while providing improved fresh food access to Detroit residents.  Visit theGreen Grocer Project page for additional information.