One of the central challenges in Detroit’s revival: making sure that all boats rise. That good things are happening for long-time Detroiters, not just the newcomers and new businesses setting up in the city.
Capital Impact Partners created its Equitable Development Initiative after realizing how little of its money went to projects led by minority developers. The program is designed to bring more minority developers into Detroit’s revitalization.
Elizabeth Luther, senior project manager at Capital Impact Partners, joined Stateside to talk about the initiative.
Luther said, originally, only “about 10% of the capital that we were lending in the city was going to developers of color.”
Capital Impact Partners is looking to address the main barriers to minority developers that they identified, namely lack of access to capital and lack of experience, by offering grant money and mentorship.
“Detroit has had to deal with brain drain where talented individuals end up leaving the city for better opportunities elsewhere,” Luther said. “We’re really hoping to contribute to building a system of support for local minority developers in order to retain that talent and contribute to the cycle of giving back to Detroit neighborhoods over the coming years.”
Learn how to apply to the program here.
The Next Idea is Michigan Radio’s project devoted to new innovations and ideas that will change our state.