$11 million loan fund to support Detroit's budding minority developers
A loan fund was announced Tuesday with a goal of helping Detroit's early stage minority developers gain access to capital and assistance.
The initial $11 million fund, known as Ebiara, was launched through a partnership between nonprofit Invest Detroit and consulting firm URGE Imprint. The Kresge Foundation will provide funding.
“Ebiara exists to help combat the challenges that minority developers face growing their business–from accessing capital to securing talent and resources,” Roderick Hardamon, CEO and chief strategist for URGE Imprint, said in a statement Tuesday. “Ebiara wants to be a partner for real estate development firms who want to scale their impact in Detroit. While the ecosystem has evolved to lower the barrier of entry into real estate development, more work is needed to crack the code on scalability.”
During its two-year pilot phase, Ebiara officials say they expect to work with 10 developers and support $100 million to $200 million in development.
The fund will support developers with access to low-cost loans, coaching and technical assistance.
“Ebiara is an extension of Invest Detroit’s commitment to ensuring equitable opportunity in the growth of Detroit’s economy,” said Keona Cowan, executive vice president of lending at Invest Detroit. “It helps to leverage other existing Invest Detroit programs and neighborhood efforts while also creating growth pathways for development firms committed to and representative of Detroit.”
Those interested in applying for the fund can visit Ebiara.com.