Urban Retail Loan Fund

The Urban Retail Loan Fund (URLF) is a revolving loan program intended to stimulate economic growth and support for residential and neighborhood development in Detroit’s Greater Downtown area by providing loans to neighborhood-based retail, service, and storefront businesses. These businesses, in turn, will provide necessary goods and services to the neighborhood, create and retain jobs, and promote a high quality of life.

The Detroit Investment Fund created the Urban Retail Loan Fund in partnership with the Michigan Economic Development Corporation (MEDC) to assist neighborhood businesses and drive additional economic activity in the community.

To be considered for a loan under this program, applicants must be able to contribute meaningful owners’ equity in their projects, present a viable business plan, and demonstrate a successful track record.

Loan Size

1. Preferred range of $100,000–$200,000

Loan Terms

  • Fixed amount term loans with flexible structure and repayment
  • Typical maturity will be three to five years
  • Fees and interest rates will be determined based on the project’s risk profile and capacity to repay
  • Reimbursement by borrower of reasonable closing costs

Target Area

Greater Downtown including Corktown, Downtown, Eastern Market, Midtown, New Center and Riverfront.

Download Map of the Target Area (PDF)

Eligible Uses

Eligible uses include working capital, purchase of inventory and equipment, and tenant improvements.

Eligible Businesses

Eligible businesses include retailers, service industries, and other storefronts with stable operations, demonstrated management strength, and successful business models. This program is not intended to replace conventional bank and small business financing but to supplement it and to provide financing when alternatives are not available. Acquisition financing of investor-owned real estate is not eligible for consideration under the program.

Collateral Requirements

Security interest in all business assets and guarantees of the key owners is required.

Application Process

Required application materials include but are not limited to historical financial information on the business and owners, projected financial information on the project, biographies of the owners and key management members, and detailed business plans.

Contact Information

Interested applicants are encouraged to contact Derek Edwards to determine eligibility prior to submitting materials.

Derek Edwards
Invest Detroit
600 Renaissance Center, Suite 1710
Detroit, MI 48243-1802
p: 313-259-6368
f: 313-259-6393

Financing Needs

Representative Projects