There’s no shortage of new apartments, restaurants and bars being erected across different parts of Detroit. But while development is happening, it’s often not being led by development firms owned by African Americans and other minorities.
But this week a new loan fund of eleven million dollars was pooled together to help early-stage minority developers gain access to capital and assistance for their projects.
The Ebiara fund was created through a partnership between the nonprofit Invest Detroit and consulting firm URGE Imprint with funding from the Kresge Foundation. These groups intend to work with about ten developers and support about $150 million in development activity.
“It’s those individuals who want to have impact, not only in the city center — which is great — but we’re looking for individuals who also are keen to invest and activate the neighborhoods around the city.” — Rod Hardamon, Ebiara Fund
Listen: How a new philanthropic fund is trying to create more equitable opportunities for development in Detroit.
Rod Hardamon is the operating manager at the Ebiara Fund. He is also the CEO and chief strategist of URGE Imprint, an integrated boutique management consulting firm headquartered in Detroit.
Hardamon wants to the Ebiara fund to spread more money and investment to other neighborhoods in Detroit, outside of downtown and Midtown.
“It’s those individuals who want to have impact, not only in the city center — which is great — but we’re looking for individuals who also are keen to invest and activate the neighborhoods around the city,” says Hardamon.
Minority-owned developers can apply for a loan at Ebiara.com.