DDF Will Deploy $1 Million in Michigan Good Food Fund Loans Over Next Five Years
DETROIT, MICH. | DEC. 7, 2017—The Detroit Development Fund (DDF) has joined the Michigan Good Food Fund as an intermediary lender partner. It will deploy one million dollars in loans over the next five years to support good food entrepreneurs in Detroit.
“There is a strong and growing food entrepreneur movement in Detroit,” said fund spokesperson Mary Donnell of Capital Impact Partners. “With Detroit Development Fund on board, we can support more entrepreneurs in the city with the capital and additional business assistance support they need to succeed and thrive.”
Michigan Good Food Fund is a $30 million public-private partnership loan fund supporting good food enterprises that benefit underserved communities in Michigan. Since its June 2015 launch, this mission-driven fund has invested $11 million in loans and grants plus business assistance offerings, which together has supported more than 47 business and created nearly 400 jobs across Michigan.
Since its inception, Detroit Development Fund has deployed $47.4 million in loans to Detroit businesses with 65 percent of its small business loans going to minority-owned businesses and 42 percent to women-led companies.
“We are excited to work with the Michigan Good Food Fund to increase financing opportunities for food enterprises in Detroit,” said Ray Waters, Detroit Development Fund president. “This partnership compliments our Entrepreneurs of Color Fund and other small business loan funds providing a much-needed niche for good food businesses.”