Central City Alliance

Small Business Loan Fund

Jan 27, 2002

Motor Casino LLC will contribute to a business development loan fund that promises to put millions of dollars back into Detroit, according to Michigan Nonprofit.com.

Detroit Renaissance Inc. will establish the Detroit Community Loan Fund, and Shorebank Enterprise Detroit will manage and administer it. The fund will be used to develop jobs at minority-owned businesses in Detroit.

Rhonda Cohen, Vice President and General Manager of MotorCity Casino, said the loan would provide funds to small Detroit businesses facing obstacles in getting traditional financing. The casino is assessing how much to contribute to the fund,
but Cohen said it will be in the millions.

Loans will range from $75K to 100K, with priority given to companies less than 5 years old with annual sales of less than $1M and fewer than 50 employees. The development agreements that MotorCity, Greektown Casino and MGM Grand Detroit have with the City require each casino to contribute to such a fund.