Detroit Business Owners to Receive $4 Million Aid From Gilbert Family Foundation

Gilbert Family Foundation Announces Major Investment in Detroit's Small Businesses

The Gilbert Family Foundation has made a significant commitment to Detroit's small businesses, announcing over $4 million in new grants to support Black Leaders Detroit (BLD) and the Michigan Black Business Alliance (MBBA). This investment is part of the foundation's $500 million, 10-year commitment with Rocket Community Fund to build opportunity in Detroit neighborhoods.

During National Black Business Month, the investments were announced, with BLD receiving $2.1 million and MBBA receiving $2 million in grant funding. This investment is more than just funding; it's a belief in the ingenuity and resilience of MBBA's entrepreneurs, as expressed by Charity Dean, President and CEO of Michigan Black Business Alliance. The Gilbert Family Foundation's $2 million investment for MBBA will help to support the expansion of MBBA's Global Growth Accelerator, Capital Connect program, and BizWiz.

Sharea Ayers, Chief Operating Officer of BLD, stated that The Building Fund, which will receive $2.1 million, is a game-changer for Detroit. This no-interest loan program provides up to $150,000 to residential developers in Detroit, building generational wealth, strengthening neighborhoods, and ensuring Detroit's growth includes people who have always called it home.

Small businesses are crucial to Detroit's present and future, as they're the source of nearly 70% of inner-city jobs. A recent ICIC study found that a 37% increase in small business jobs could virtually eliminate city unemployment. Darnell Adams, Vice President of Detroit Community Initiatives at Gilbert Family Foundation, stated that Detroit's continued growth hinges on a strong small business community throughout the city.

The funding will sponsor a range of programs for Detroit business owners, including expanded access to capital, technical assistance, business coaching, and more. The BLD grant will also support its no-interest loan and capacity-building programs for businesses, as well as its emergency loan program for unexpected expenses.

In addition, the investment will fund a business symposium in October 2025, featuring workshops, panels, mentorship sessions, and networking opportunities. Funds will be distributed in phases tied to construction milestones, with payments deferred for three months post-closing.

Since the initiative's announcement in 2021, the Gilbert Family Foundation has deployed or committed approximately $232 million of the funding. This new commitment builds on existing partnerships with BLD and MBBA, including over $1 million in investments made in 2023. However, no relevant information about organizations receiving over $4 million from the Gilbert Family Foundation for supporting small businesses in Detroit was found in the provided search results.

This is part of the private nonprofit's goal of building economic opportunities in Detroit. The foundation's program aims to support community-based developers in Detroit, providing quality housing to city neighborhoods, particularly those impacted by traditional financing barriers. The program also aims to help small businesses navigate these barriers, fostering a thriving and inclusive economy in Detroit.

Detroit Business Owners to Receive $4 Million Aid From Gilbert Family Foundation