A $2 million Program-Related Investment from the Foundation has contributed to the launch of the “BizLoan Fund,” through the New Economy Initiative (NEI) of the Community Foundation for Southeast Michigan (CFSEM). This fund is dedicated to awarding resources to traditionally “hard to lend to” entrepreneurs in Detroit’s neighborhoods.
Twelve local and national foundations have joined NEI since it was formed in 2007, making it the largest philanthropically led economic development initiative of its kind in the US. The total project raised $134 million from local funders with transformational results. Approximately 17,490 jobs have been created as a result of NEI-funded efforts, with $2.9 in real output of Southeast Michigan companies that have benefited from NEI support.
To learn more about NEI and its community impact, check out the 2016 report here!