The Detroit Economic Growth Corporation (DEGC), through the Economic Development Corporation of the City of Detroit (EDC) and in partnership with the City of Detroit and various lending institutions, has created a zero-interest loan program for businesses impacted by construction along the Livernois commercial corridor.
This financial tool will provide flexible capital to qualifying small businesses located in the Livernois streetscape improvement area between 8 Mile Rd. and Margareta Ave.
This pilot mitigation program will include both a loan fund and access to small-business technical assistance. Based on their pre-streetscape revenues, eligible businesses can borrow between $5,000 and $20,000. The first payment on approved loans is due one year after closing. After making 24 months of on-time payments, business owners can have the remaining 36 months (60 percent) of their loans forgiven.
Based on the program’s success, the DEGC will work with its partners to secure additional capital to service businesses in other retail districts.
Interested business owners may apply in the following ways:
- Download the loan application here and email the completed form to firstname.lastname@example.org.
- Request a paper application by calling 1-844-338-4626
- Pick up an application at DEGC – 500 Griswold St. Suite 2200
- Pick up an application from a DEGC staff member at Good Cakes and Bakes, Tuesday mornings 8am-10am or Baker’s Keyboard Lounge, Thursday morning 8am-10am
Please direct all questions to 1-844-338-4626 or email@example.com