In April, the Rocket Community Fund joined Community Reinvestment Fund, USA (CRF), Invest Detroit and Barton Malow Builders to announce the launch of the Motor City Contractor Fund. This pilot program was created to remove barriers for 20 Detroit-based contractors by providing a suite of services to grow their capacity and succeed in the increasingly competitive local marketplace.
Since the launch of the program, the participating contractors have been engaged in a wide range of training opportunities to strengthen their businesses and compete for bigger construction and renovation projects in the city.
One of the most significant barriers to opportunity for Detroit-based contractors, which are primarily smaller and minority-owned businesses, has been access to capital. The Motor City Contractor Fund tackles this problem head on by providing critical, low-interest working capital to participants so they can address everything from upfront payroll expenses, to costs of goods, materials, rent, equipment rental, and more.
Additionally, the Motor City Contractor Fund is helping educate participating contractors on how to access capital by connecting them directly with the lending institutions. At a recent event, titled “Show Me The Money,” contractors had a chance to ask questions and hear directly from lenders on the financing process. The event also served as an opportunity for lenders to hear from contractors and get their perspective on how they managed their business and their unique financing needs.
Check out the video below for a recap of the event and hear from both contractors and lenders on how the Motor City Contractor Fund is bringing the entire building community together to advance opportunity and ensure more Detroit businesses are able to participate in Detroit’s continued growth.