CAPITAL TO HELP YOUR BUSINESS GROW
NO INTEREST LOAN PROGRAM
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.
Preliminary Loan Requirements:
● 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
Terms:
● 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
Note: We use Lenderfit application software. Communications regarding your application may originate from our Lenderfit email address.
Application and Disbursement Schedule:
Cycle One
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 Two
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 Three
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 Four
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
Donations of a $1/week help fund our No-Interest Loan and Grant programs. Donate to become a member that supports businesses led by people of African descent and builds community.