Michigan Chronicle
Dec. 6, 2022
Bank of America will grant $500,000 to Invest Detroit, a mission-driven lender and investor, to support small business and real estate lending programs that generate economic growth in underserved communities in Detroit. The bank’s grant will help facilitate $100 million in additional economic development activity in low- to moderate-income neighborhoods over the next three years.
“Invest Detroit’s strong commitment to ensuring neighborhood revitalization in Detroit is aligned with Bank of America’s goal of providing economic stability and mobility to the communities we serve,” said Matt Elliott, President, Bank of America Michigan. “Our partnership with Invest Detroit will lead to opportunities for developers and business owners who help move Detroit forward.”
In partnership with the City of Detroit, Invest Detroit launched the Strategic Neighborhood Fund, an investment initiative that has focused more than $170 million in 10 neighborhoods, with plans to reach additional areas within the city. The new programs will address inequitable access to capital, lower personal wealth, and skill and experience gaps that create enormous barriers for local BIPOC, underserved and undercapitalized developers, entrepreneurs, and small business owners.
“This generous support from Bank of America directly increases our capacity to implement our mission of creating more jobs, density, and opportunities for BIPOC and other underserved developers, entrepreneurs, and small business owners in Detroit, the region, and across Michigan,” said Dave Blaszkiewicz, President and Chief Executive Officer of Invest Detroit. “Bank of America has been a long-standing partner of both Invest Detroit and our region, and we thank them for their continuing commitment to Detroit’s recovery.”
Invest Detroit has deployed $491 million of investment into 812 projects and businesses, leveraging more than $3.2 billion in outside investment and supporting over 12,800 jobs. The organization is also launching new programs in 2023 to support small businesses that are critical job creators in Detroit for low-income residents.
Learn more at www.InvestDetroit.com.
