Detroit Proposes New Loan Program To Support Small Businesses Along Livernois Avenue

DETROIT, Mich. (CBS DETROIT) - Committed to helping neighborhood businesses thrive, Detroit through its partners at the Detroit Economic Growth Corporation and the Invest Detroit Foundation is expected to launch a pilot loan program to support small businesses along Livernois as streetscape improvements continue along the corridor. 

The Livernois streetscape construction will make the commercial corridor even more attractive and walkable for residents and visitors.

The loan program will be asked to be approve at a Aug. 27 board meeting. Once the program is approved, applications will be available at degc.org.

Under the proposed program, on the basis of their pre-streetscape revenues, eligible business owners will be able to borrow $5,000 up to $20,000 and will not have to make any payments for the first two years, after the streetscape construction is complete.

After making 24 months of on-time payments, the remaining 36 months of the loan will be forgiven, meaning the business owners can have 60 percent of their loan forgiven.

Interested Livernois businesses can contact Pierre Batton, vice president for Small Business Programs at the DEGC, at loans@degc.org or call 844-338-4626 for more information.

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