The Detroit Investment Fund, partnering with the Michigan Economic Development Corp., is launching an Urban Retail Loan Fund in Midtown and the greater downtown area, said Dave Blaszkiewicz, president of the Detroit Investment Fund.
The URLF is a $5 million revolving loan program designed to provide lending support to small and mid-sized, retail storefront businesses in targeted areas of Detroit’s Greater Downtown including Midtown, Downtown, Riverfront, Eastern Market and Corktown.
“Our hope is to create some density of retail, and support those neighborhoods through that density,” Blaszkiewicz said. URLF loans will be managed by the Detroit Investment Fund.
Businesses that will be served by the URLF include boutique grocery stores, restaurants, neighborhood services and small commercial businesses.
“Retail is very important for the revitalization and continued growth of greater downtown Detroit,” said Doug Rothwell, president of Detroit Renaissance. “Detroit Renaissance will continue to support our long standing commitment to redeveloping Detroit.”