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MEDC Partners with Invest Detroit on Small Business Loan Program

Michigan Business Network
July 15, 2021 12:00 PM

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MEDC’s Capital Access Program has partnered with Invest Detroit to offer small business loans to businesses across 10 Detroit neighborhoods. The program will provide a guarantee on up to 25 percent of small business loans made by Invest Detroit over the next three years, up to $10 million in lending. Loans generally range from $50,000 to $500,000 and borrowers need to have 2-50 employees and an annual revenue of $3 million or less to qualify. Loan proceeds can be used for working capital, acquisition of machinery and equipment, tenant improvements, and the acquisition and/or improvement of real estate.

Invest Detroit is strongly committed to doing its part to ensure equitable opportunity, voice, and partnership in every facet of our work and throughout Detroit. This means valuing and promoting diversity in our business practices and working with our partners and communities to combat systemic racism. Diversity and inclusion are core values of our organization—now and always.

About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org 


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Michigan Business Network is an online broadcasting company that provides knowledge, news, and insights into Michigan’s businesses, industries, and economy.