Rocket Philanthropic Arm Launches $10 Million Fund to Help Grow Detroit Contractors
April 6, 2022Nick Manes
April 5, 2022
The philanthropic arm of the billionaire Dan Gilbert family and the affiliated Rocket Companies Inc. is committing $10 million to help Detroit-based contractors access a new suite of services to help grow their businesses.
The Motor City Contractor Fund, announced Tuesday morning at a media event in downtown Detroit, aims to offer “Detroit-based contractors with access to financing, partnerships, technology and business advisory services,” according to a news release.
The fund is a collaboration between the Rocket Community Fund, the Community Reinvestment Fund USA, Invest Detroit and Southfield-based general contracting company Barton Malow Builders. Detroit-based small business consulting business LifeLine Global Consulting will serve as the operator of the fund’s technical assistance program.
“Development continues to exponentially increase across our city, which will catalyze economic impact, and it is critical that Detroit-based contractors are well positioned to be a part of that growth,” Laura Grannemann, vice president of the Rocket Community Fund, which is investing the first $1 million into the program’s administration and operations. “Detroit-based contractors have historically been overlooked, but the Motor City Contractor Fund will increase access to financing for local contractors, empowering them to grow their business and create more jobs for Detroiters.”