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What kinds of financing are available to businesses in the Empowerment Zone?

April 26, 2017businesses Empowerment financing zone

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What kinds of financing are available to businesses in the Empowerment Zone?

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While there are no special financing programs available for business activity in the Empowerment Zone, there is a greater availability of capital from existing sources. Area banks under the Empowerment Zone Institution Consortium (EZFIC) for example, have publicly committed to increase business lending in the Zone. In addition, the many loan programs for small businesses, which are currently administered by different agencies, will be centralized in the One Stop Capital Shop (OSCS). Many of these programs are not widely marketed and therefore under utilized. You may contact the OSCS by calling (313) 965-1100. The Detroit Community Loan Fund and the Michigan McGehee Interfaith Loan Fund also offer lower interest rate community development loans and business assistance.