Published April 5, 2022 by DetroitFreePress.com
A new $10 million fund that aims to provide low-interest loans and technology and business advisory services to 20 contractors was launched Tuesday at a news conference in Detroit.
The Motor City Contractor Fund is a pilot program, supported by the Gilbert Family Foundation and Rocket Community Fund working with several nonprofits, that is meant to ensure that Black, indigenous people and other people of color who are contractors have equity in access to technical support and capital.
With more projects happening in the city, the aim is to provide tools to these contractors to better compete for contracts in “rehab, home repair, new construction, demolition and other public/private projects,” the partners said in a news release.
The pilot program, the partners said, will start with a $1 million investment from the Rocket Community Fund and is only open to Detroit-based contractors.
“Like all our philanthropic initiatives, we’re here to address the long-term systemic problem,” Bill Emerson, vice chairman of Rock Holdings, said at the news conference, which was held at the State Savings Bank building in Detroit.
