Detroit City Wire

The City of Detroit and the Detroit Economic Growth Corporation (DEGC) have announced the launch of the Detroit Capital Hub, a new online platform designed to connect local entrepreneurs and small business owners with Community Development Financial Institutions (CDFIs). The platform, which can be accessed at DetroitCapitalHub.com, aims to streamline access to funding and support for businesses across the city.

Detroit Capital Hub helps applicants find CDFIs best suited for their loan requests. It also offers a directory of business service organizations and technical assistance providers, helping entrepreneurs learn about available programs for starting or growing their businesses.

“Small businesses are the heart of Detroit’s economy,” said Detroit Mayor Mike Duggan. “By making it easier for entrepreneurs to access capital, we’re helping them grow, hire, and strengthen neighborhoods across the city.”

Funding for the project comes from the Gilbert Family Foundation and the Ally Foundation. Five CDFIs — ProsperUS, Opportunity Resource Fund, Michigan Women Forward, Detroit Development Fund, and Invest Detroit — are participating in the program. Collectively they provide more than $5 million annually in small business loans.

“Detroit is the perfect place for entrepreneurs to build their businesses, and the Detroit Capital Hub is exactly the support that’s needed for them to thrive,” said Darnell Adams, Vice President of Detroit Community Initiatives at Gilbert Family Foundation. “When small business owners succeed, they can continue providing vital services in our community.”

Justin Onwenu, Director of Entrepreneurship and Economic Opportunity for the City of Detroit stated: “The Detroit Capital Hub represents another step forward in increasing access to capital. By connecting entrepreneurs to the right lenders and resources, we are making sure that every small business owner in Detroit has the tools to create jobs and drive our economy forward.”

Sean Gray, Senior Vice President of Small Business Services at DEGC added: “We’re excited to help break down barriers for small businesses. Too often, entrepreneurs don’t know where to start when it comes to financing. With the Detroit Capital Hub, we’re creating a simple connection point to ensure Detroiters find the right lender to support their business.”

Business owners using this platform can submit a single intake form that directs them toward an appropriate CDFI lender based on factors such as credit policy or industry focus. If one lender rejects a request, it moves automatically on to another suitable CDFI.

LoanWell powers this matching software technology. LoanWell CEO Bernard Worthy commented: “It’s an honor to build this platform to power Detroit small businesses. Through collaboration and innovative technology, we can truly make it easier for the small business community to find the resources they need to thrive.”

Paul Jones, CEO of ProsperUS said: “Entrepreneurship helps build wealth and strengthen neighborhoods across Detroit. By collaborating through the Detroit Capital Hub, ProsperUs reaffirms our shared commitment to expanding access to capital and support for entrepreneurs in every community throughout our city.”

Byna Elliot from Opportunity Resource Fund stated: “This launch reflects our shared commitment to building a resource-rich ecosystem for Detroit’s small businesses...Opportunity Resource Fund is proud to be a part of this partnership”

Derek Edwards from Invest Detroit remarked: “Any opportunity to empower small businesses by increasing access to capital is something we are proud to be part of...We’re committed...to break down barriers and ensure more Detroit entrepreneurs can access...resources they need...”

Ray Waters from Detroit Development Fund commented: “Detroit Development Fund is proud...to be featured on this impactful platform...This new opportunity allows DDF [Detroit Development Fund] to expand its reach and continue empowering local business owners with the resources they need…”

DEGC operates as a non-profit focused on supporting economic development in Detriot by managing initiatives related both retention/attraction efforts as well as neighborhood commercial corridor growth.