Detroit, once a thriving metropolis and the heart of America's automobile industry, is now a shadow of its former self. The city filed for Chapter 9 bankruptcy in 2013, the largest municipal bankruptcy filing in U.S. history. Detroit's unemployment rate is more than twice the national average, but there are still plenty of opportunities for small business owners with the right ideas and the drive to succeed.
If you're thinking about starting a business in Detroit, or expanding an existing business, AdvancePoint Capital can help. We offer business loans of up to $1,000,000, with flexible terms and competitive rates. We're committed to helping businesses in Detroit succeed, and we have the experience and the resources to help you get the funding you need.
How Do I Get A
Small Business Loan in Detroit?
Despite the city's challenges, there are still plenty of opportunities for small business owners in Detroit. If you're thinking about starting or expanding a business in Detroit, you'll need to have a strong business plan and access to capital.
One option for financing your business is a small business loan. Small business loans can be used for a variety of purposes, including start-up costs, working capital, inventory, equipment, and real estate.
AdvancePoint Capital is a leading provider of small business loans in Detroit. We offer loans of up to $1,000,000, with flexible terms and competitive rates. We're excited about the prospect of helping businesses in Detroit thrive, so call us today to get started.
The 9 Best
Financing Options and Resources for
Detroit Small Businesses
Small Business Loans for Detroit
SBA Loans in Detroit
Merchant Cash Advance in Detroit
Business Cash Advance in Detroit
Business Line of Credit in
Equipment Financing for
Invoice Financing in
Short Term Small
Business Loans in Detroit
Long Term Business Loans for
U.S. Small Business Administration
Start, Grow, and Expand your Business
View the Michigan Small Business Resource Guide for information and assistance in growing your local business, exploring funding options, and contracting in Michigan.
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The Most Common Use of Loan Proceeds From Business Loans for Detroit, MI Small Business
- Working capital
- Equipment purchases and repair
- Inventory growth
- New business opportunity
- Business development & growth
- Cash flow
- Repair facilities
- Emergencies business expenses
- Advertising/marketing/customer acquisition goals
- Create jobs, employee recruitment and training resources
- General business needs and expenses
Initiatives, Information, State and Federal Government Funding Sources, Programs, Grants, Coronavirus (Covid-19) Relief Options, Business Resources and News, Events & Updates in Detroit for Small Business. Stay Informed!
Detroit Development Fund
Detroit Development Fund, a community development financial institution based in Detroit, received approval for a $1 million loan from MICHIGAN ECONOMIC DEVELOPMENT CORPORATION COV-19 RELIEF FUND (MSF) to make micro and small business loans ranging from $5,000 to $250,000 to small businesses in the greater Detroit area, emphasizing businesses located in economically disadvantaged areas. This COVID 19 relief fund program was created to assist those local businesses most impacted by the COVID-19 virus. Businesses can use these loans primarily for working capital, acquiring machinery and equipment, and inventory.
DDF anticipates it will provide loans to businesses that require patient, flexible working capital to re-open or re-establish operations following the relaxation of the stay-at-home orders, mandated closures, and other public health restrictions. DDF is now accepting applications for the MEDC COVID-19 Relief Fund from businesses impacted by COVID-19. Businesses interested in applying for a loan should contact us by phone at (313) 784-9623, or by email at [email protected]
Detroit Development Fund- Small Business Loans
Detroit Development Fund is a non-profit (501(c)(3)) organization and a certified community development finance institution, incorporated in the state of Michigan. Detroit Development Fund was created in 1998 with an initial mission of helping revitalize an economically distressed target area in Detroit’s far Eastside neighborhoods. It now operates throughout the City of Detroit. Detroit Development Fund provides loans and technical assistance to small business owners, developers, building owners, contractors, and subcontractors who cannot get all of the capital they need from traditional financing sources. Detroit Development Fund delivers its products and services to revitalize businesses and neighborhoods in Detroit, Michigan, creating economic equity and promoting a healthy environment.
Detroit Community Loan Fund
Detroit Community Loan Fund (DCLF) is a Community Development Finance Institution (CDFI) and low-profit limited liability company (L3C), created by Detroit Development Fund and Invest Detroit. Detroit Community Loan Fund (DCFL) finance small businesses headquartered in Detroit, which have traditionally faced obstacles in obtaining financing but have demonstrated growth potential.
Detroit Community Loan Fund (DCFL) goal is to increase economic activity and strengthen the viability of small businesses in Detroit, where small businesses provide a strong commitment for community and neighborhood development and are the basis for sustainable growth. We understand that it takes adequate capital to grow a successful business. Detroit Community Loan Fund (DCFL) customers are small businesses in their initial stage of development – businesses that have the potential to flourish and expand when given the right tools and support.
The purpose of the Detroit Community Loan Fund (DCLF) and Detroit Development’s small business lending program has been to support Detroit-based business growth, particularly those owned by entrepreneurs of color and women. It targets small businesses with growth potential and management insight that lack sufficient collateral or owner equity to qualify for financing from mainstream lenders.
ProsperUs Detroit Funding
ProsperUs Detroit offers entrepreneurs resources to find lenders, crowdfunding sources, and businesses that assist with funding to help them get the capital needed to create and maintain a successful business. Lenders include ProsperUs Detroit Micro-Lending Program, Michigan Women Foundation, CEED Lending, Detroit Economic Growth Corporation (DEGC), Invest Detroit, Opportunity Resource Fund, and Detroit Development Fund.
Need Help Applying For an SBA Loan?
Mayor Mike Duggan and Goldman Sachs CEO David Solomon announced that Goldman Sachs committed $15 million as part of its 10,000 Small Businesses initiative to loans for small businesses in Detroit to help them through the COVID-19 crisis. The effort is in partnership with Community Reinvestment Fund (CRF), the largest non-profit, non-bank SBA 7(a) lender in the country. This is a COVID-19 relief fund.
Detroit’s hub for all the news, events, resources, and information your business needs during the COVID-19 crisis. On this page, you will find training, loan/grant applications, and opportunities to improve your business’s visibility and viability online.
Detroit Regional Chamber – COVID-19 Business Restart Center – Small Business Resources
As small business owners begin to feel the impact of COVID-19, the Detroit Regional Chamber is dedicated to providing the most up-to-date news, events, and resources from reliable organizations to help manage the fallout from the crisis.
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AdvancePoint Capital makes the loan application process a simple, straightforward experience.