Programs
No-Interest Loan Program
Application Closed
Capital To Help Your Business Grow
Our No-Interest Loan Program is an equitable financial solution designed to help entrepreneurs of African descent access the capital they need to grow their businesses.
Preliminary Loan Requirements:
- Be a for-profit business located in the City of Detroit.
- Be registered with the State of Michigan through LARA.
- Have a federal Employer Identification Number.
- Be majority-owned by individuals of African descent.
- Have operated for at least one year.
- Provide the most recent year of business tax returns.
Terms:
- 0% Interest
- No hidden fees
- 5 Years (60 months) repayment for loans $20K or more, 3 years (36 months) for loans under $20,000
- 60-day grace period before first monthly payment due
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Application and Disbursement Schedule:
Cycle One
- Jan. 1 - Jan. 31: Application Window
- Feb. 1 - Feb. 28: Screening
- Mar. 1 - Mar. 31: Approval
- Apr. 15 - Cycle One Loans Issued
- Jun. 15 - First Monthly Payment Due
Cycle Two
- Apr. 1 - Apr. 30: Application Window
- May 1 - May 31: Screening
- Jun. 1 - Jun. 30: Approval
- Jul. 1 - Cycle Two Loans Issued
- Sept. 15 - First Monthly Payment Due
Cycle Three
- Jul. 1 - Jul. 31: Application Window
- Aug. 1 - Aug. 31: Screening
- Sep. 1 - Sep. 30: Approval
- Nov. 15 - Cycle Three Loans Issued
- Jan. 15 - First Monthly Payment Due
Cycle Four
- Oct. 1 - Oct. 31: Application Window
- Nov. 1 - Nov. 30: Screening
- Dec. 1 - Dec. 31: Approval
- Jan. 15: Cycle Four Loans Issued
- Mar 15 - First Monthly Payment Due
Note: We use Lenderfit application software. Communications regarding your application may originate from our Lenderfit email address.
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Collective impact at your level
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At just $1 per week, 100,000 Detroiters generate over $5.2M in community investment — every single year.