Black entrepreneurs have experienced a legacy of multigenerational exclusion by traditional financial institutions. To begin addressing this issue, we have created new lending standards to identify practices that were found to have bias and replace them with more racially equitable options.
One such solution is our new Activate Detroit Loan product. We use character-based evaluations that focus on the promise that small business owners of color can deliver to their communities. This affordable and flexible capital does not require a credit score, is fee-free, and has a much-simplified application process. This streamlined process is built to help borrowers move from idea to financing as quickly as possible. We invite you to see many of the key features below.
“I’m the kind of guy who if you tell me I can’t, I double down on commitment.” With that drive and support from CDC through an equity-based loan product, Jamaal Muhammad took his pop-up idea and turned it into a bricks-and-mortar reality in Detroit.
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Senior Business Advisor