Gilbert Family Foundation Invests $3 million to great mission
Kinnus Paul, Gilbert Family Foundation Program Manager, and Shanai Jackson, Invest Detroit MCCF Program Manager, present a grant to Rhonda Stevens Grayer, WT Stevens Construction President. PHOTO COURTESY OF BREANN WHITE
Gilbert Family Foundation, Invest Detroit and Detroit Development Fund today announced the expansion of Motor City Contractor Fund (MCCF), a community-led effort curated by The Ownership Initiative.
Through the expansion, the program will empower 50 Detroit-based contractors with targeted resources to strengthen their businesses and increase their competitiveness in Detroit’s booming construction market.
The program offers contractors access to financing, technical support and business development services, along with opportunities to build meaningful partnerships with large companies deeply involved in Detroit’s construction industry.
As demand for construction, home repairs and rehabilitation projects continue to rise, MCCF equips local contractors with essential tools to grow their businesses and secure a wider variety of contracts, including both public- and private-sector opportunities.
Program ignites job creation, economic development
In doing so, the program not only fosters contractor growth but also contributes to job creation and economic development in Detroit.
“More than $5 billion in annual commercial construction in Detroit is done by contractors from outside the city. MCCF is one way we’re working to keep that wealth in Detroit, serving Detroiters,” said Laura Grannemann, Executive Director, Gilbert Family Foundation.
“We are thrilled to welcome this next cohort of talented contractors and are eager to see how the program will help their businesses grow.”
Motor City Contractor Fund was established to address systemic barriers faced by smaller contractors in Detroit, especially those led by entrepreneurs of color.
Minority-owned firms have historically been excluded by traditional lenders due to systemic bias and industry-related risk factors. Even when loans are approved, these firms often encounter higher interest rates, which limit their ability to scale and succeed.
These challenges are addressed by combining flexible lending, business advisory services, and tailored technical assistance to empower contractors to overcome these barriers and achieve long-term success.
Collaborative Partnerships Drive Success
Invest Detroit, a Community Development Financial Institution (CDFI), serves as the arranger and loan originator for t Motor City Contractor Fund.
As a mission-driven lender and investor, Invest Detroit supports business and real estate projects that promote economic growth, strengthen Detroit neighborhoods, increase density, create job opportunities and foster inclusivity.
Invest Detroit also manages the program’s financial products, leads program structuring, coordinates loan agreements to provide capital, oversees the fund’s website, facilitates connections with job providers and engages key partners to ensure the program’s success.
“The Motor City Contractor Fund represents a transformative opportunity for Detroit’s small and minority-owned contractors to break through systemic barriers and grow their businesses,” said Shenai Jackson, Program Manager, Motor City Contractor Fund.
“By providing the tools, financing, and partnerships they need to succeed, we’re helping to build a stronger community and create a more inclusive and thriving economy in our city.”
If you have an idea for a good-news article idea, contact SocialHouseNews.com Editor-In-Chief Ed Wright at 734-664-4657 or edwright@socialhousenews.com.
