The Detroit Urban Retail Loan Fund (URLF) is a revolving loan program intended to stimulate economic growth and support for residential and neighborhood development in Detroit’s Greater Downtown area by providing loans to small- and medium-sized retail, service, and storefront businesses.
These businesses, in turn, will provide necessary goods and services to the neighborhood, create and retain jobs, and promote a high quality of life.
The Detroit Investment Fund created the Detroit Urban Retail Loan Fund in partnership with the Michigan Economic Development Corporation (MEDC) to assist neighborhood businesses and drive additional economic activity in the community.
To be considered for a loan under this program, applicants must be able to contribute meaningful owners’ equity in their projects, present a viable business plan, and demonstrate a successful track record.
Loan Size – $50,000–$500,0001 with a preferred range of $100,000–$200,000 Loan Terms – Fixed amount term loans with flexible structure and repayment.
– Typical maturity will be three to five years.
– Fees and interest rates will be determined based on the project’s risk profile and capacity to repay.
– Reimbursement by borrower of reasonable closing costs.
Target Area Greater Downtown including Corktown, Downtown, Eastern Market, Midtown, New Center and Riverfront.
Address: 600 Renaissance Center, Suite 1710