Bill Emerson, Vice Chairman of Rock Holdings, announces the launch of the Motor City Contractor Fund during a press conference on April 5, 2022.
 million Motor City Contractor Fund launched to help minority businesses

A new $10 million fund that aims to provide low-interest loans and technology and business consulting services to 20 entrepreneurs was launched at a press conference in Detroit on Tuesday.

The Motor City Contractor Fund is a pilot program, supported by the Gilbert Family Foundation and the Rocket Community Fund in conjunction with several nonprofits, that aims to ensure that Black, Indigenous, and other people of color who are contractors have fair access to technical support. and capital.

With more projects underway in the city, the goal is to provide tools for these contractors to better compete for contracts for “rehabilitation, home repair, new construction, demolition and other public/private projects”, the authorities said. partners in a press release.

Bill Emerson, Vice Chairman of Rock Holdings, announces the launch of the Motor City Contractor Fund during a press conference on April 5, 2022.

The pilot program, the partners said, will begin with a $1 million investment from the Rocket Community Fund and is only open to Detroit-based entrepreneurs.

“Like all of our philanthropic initiatives, we’re here to address the long-term systemic problem,” Rock Holdings Vice Chairman Bill Emerson said at the press conference at the State Savings Building. Bank in Detroit.

“The problem is that minority-owned entrepreneurs have always been turned away from traditional lending institutions,” Emerson continued. “When they receive loans, they are often at higher interest rates, which prevents them from growing and succeeding. Typically, they receive smaller equity investments, and as a result, they have less of wealth to reinvest in their businesses.”

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