- Zero-interest loan program for open businesses on Livernois between 8 Mile Rd. and Margareta Ave.
- Eligible business owners can borrow between $5,000 and $20,000
- 60-percent of loans can be forgiven after 24 months of on-time payments
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.
“DEGC is working in lockstep with the City, business owners and funders to provide the financial assistance, marketing, logistics and other support needed to keep the Avenue of Fashion strong,” said Kevin Johnson, DEGC President and CEO. “As streetscape improvements launch in other retail districts, DEGC will bring its toolbox of resources and partners to assist businesses throughout the city.”
The zero-interest loan program lends financial stability to businesses experiencing reduced revenues during the construction period. 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.
“Supporting small businesses is a DEGC imperative,” said Pierre Batton, DEGC vice president of Small Business Services. “Providing Livernois businesses access to capital during streetscape construction supports business owners today, so they will be well-positioned to take full advantage of the increased business that infrastructure improvements are expected to generate.”
Based on the program’s success, the DEGC will work with its partners to secure additional capital to service businesses impacted by streetscape construction in other retail districts. Interested business owners may apply in the following ways:
- Find the loan application here and email the completed form to email@example.com.
- 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, 19363 Livernois Ave., Tuesday mornings, or Baker’s Keyboard Lounge, 20510 Livernois, Thursday mornings, 8:00 a.m. -10:00 a.m., through Oct. 3, 2019. Applications are available after then by appointment.
In addition to the loan application, business owners can find the following information here.
- Term Sheet
- IRS Form 4506
- Additional Resources
For additional information on the loan fund, please call 1-844-338-4626 or email firstname.lastname@example.org.