Detroit’s Entrepreneurs of Color Fund Nearly Triples in Size
The Detroit Development Fund announced that its Entrepreneurs of Color Fund has nearly tripled in size, raising more than $18 million to provide capital to minority-owned small businesses in the Motor City.
To meet the ongoing demand of the successful fund, JPMorgan Chase and the Kellogg Foundation each are making new investments of $2 million and actively recruiting new funders to significantly increase the size of the fund. New investors include The Ralph C. Wilson, Jr. Foundation ($2.5 million), Fifth Third Bank ($3 million) and the Kresge Foundation which has committed to providing first loss guarantee up to $2 million. All of these new investments are expected to encourage other investors to support the fund.