A new fund was announced Tuesday aimed at supporting minority-owned real estate development firms with capital and other resources.
Called Ebiara, the fund will serve as an option for developers in their early stages to have access to capital through loans, technical assistance and coaching, according to a news release. In its initial stage, the fund is supported with $ 11 million.
Over the next two years, it will work with about 10 developers with a goal to create $ 100 million to $ 200 million in economic development impact.
The fund is a partnership between Invest Detroit, a nonprofit economic business support, and URGE Imprint, a Detroit-based consulting firm. The fund is financially supported by the Kresge Foundation, a Troy-based philanthropic private foundation.
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“Ebiara exists to help combat the challenges that minority developers face growing their business – from accessing capital to securing talent and resources,” said Roderick Hardamon, CEO and chief strategist for URGE Imprint, in the news release. “Ebiara wants to be a partner for real estate development firms who want to scale their impact in Detroit. While the ecosystem has evolved to lower the barrier of entry into real estate development, more work is needed to crack the code on scalability. ”
In order to be eligible for the fund, a firm must be at least 51% minority-owned with a goal to create an economic impact in the city, have interest in scaling the business and commit to mentoring other developers during the process.
Loan applicants can visit the fund’s website to set up a 30-minute call with Ebiara, and an application will follow if approved during the initial step. To apply for the fund, visit Ebiara.com.
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