Earlier this year, 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, created a zero-interest loan program for businesses impacted by construction along the Livernois commercial corridor.
This financial tool provided flexible capital to qualifying small businesses located in the Livernois streetscape improvement area between 8 Mile Rd. and Margareta Ave.
To date, 20 loans have been approved for the Livernois Streetscape Mitigation Loan Fund since the program’s launch in August. When these loans are closed, nearly $400,000 — the cap for this pilot program — will have been provided to small businesses in impacted areas. At this time we will no longer be accepting applications for the loan fund. The DEGC will continue to work with the City Of Detroit and its many partners to identify next steps for the program.
Thank you for your continued support of Detroit’s small businesses.
Please follow this link if you are interested in other resources to support your small business.
Small Business Resources