No-Interest Loan Program
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● A for-profit business located in the city of Detroit
● Registered with the state of Michigan (LARA) and have a federal EIN number
● Must be majority-owned by people of African descent
● Established for at least one year
● Must have most recent year of business tax returns
Preliminary Loan Requirements:
● 0% Interest
● No hidden fees
● 5 Years (60 months) repayment for loans $20K or more, 3 years (36 months) for loans less that $20K
● 60 day grace period before first monthly payment due
Terms:
Capital To Help Your Business Grow
An equitable financial solution to help small businesses led by Detroiters of African descent. At Black Leaders Detroit, we seek to rectify the effects decades of discriminatory behavior from traditional financial institutions has had on the community.
Membership Donation
Choose your membership level and become part of Detroit's economic transformation
Jan. 1 - Jan. 31: Application Window
Feb. 1 - Feb. 28: Screening
Mar. 1 - Mar. 31: Approval
Apr. 15 - Cycle One Loans Issued
Jun. 15 - First Monthly Payment Due
Cycle One
Apr. 1 - Apr. 30: Application Window
May 1 - May 31: Screening
Jun. 1 - Jun. 30: Approval
Jul. 1 - Cycle Two Loans Issued
Sept. 15 - First Monthly Payment Due
Cycle Two
Jul. 1 - Jul. 31: Application Window
Aug. 1 - Aug. 31: Screening
Sep. 1 - Sep. 30: Approval
Nov. 15 - Cycle Three Loans Issued
Jan. 15 - First Monthly Payment Due
Cycle Three
Oct. 1 - Oct. 31: Application Window
Nov. 1 - Nov. 30: Screening
Dec. 1 - Dec. 31: Approval
Jan. 15: Cycle Four Loans Issued
Mar 15 - First Monthly Payment Due
Cycle Four
Note: We use Lenderfit application software. Communications regarding your application may originate from our Lenderfit email address.
Application and Disbursement Schedule:
Note: We use Lenderfit application software. Communications regarding your application may originate from our Lenderfit email address.
