CEED Lending: Empowering underrepresented businesses in Metro Detroit
(CBS DETROIT) - It's an effort to keep the entrepreneurial spirit within the diverse landscape of Metro Detroit alive.
CEED Lending, in collaboration with the Great Lakes Women's Business Council, is making waves by providing accessible funding to businesses that have traditionally struggled to secure financing through conventional channels.
With a substantial $4 million in funding earmarked for this endeavor, CEED Lending is on a mission to empower small businesses that may have faced insurmountable hurdles when seeking traditional loans.
Filling the Gap in Traditional Lending
Access to capital has long been a challenge for underrepresented businesses in the Metro Detroit area. Many promising entrepreneurs have faced roadblocks when attempting to secure loans from traditional financial institutions.
This is where CEED Lending steps in, bridging the gap by offering three distinct loan programs designed to cater to the unique needs of these businesses.
1. Microloans: CEED Lending's Microloan program provides a lifeline to startups and small enterprises in need of modest financial support.
Ranging from $5,000 to $50,000, these microloans offer a crucial injection of funds for business owners looking to get their ventures off the ground or overcome immediate financial hurdles.
2. Small Business LIFT Loans: For businesses seeking more substantial financial backing, CEED Lending's Small Business Loan program offers loans up to $75,000.
This provides a significant boost to established businesses looking to expand, upgrade equipment, or enhance their operations.
3. Revolving Loan Fund (Oakland County Only): At the higher end of the spectrum, CEED Lending's Growth Capital Loan program offers loans from up to $200,000.
This initiative targets businesses with ambitious growth plans, allowing them to access the capital needed to take their enterprises to the next level. Nonprofits are ineligible.
Belinda Turner-DuBois: A Champion for Entrepreneurship
At the heart of CEED Lending's success is the dedication and expertise of Belinda Turner-DuBois, a lending manager with a passion for helping businesses overcome financial challenges.
Her role is not merely administrative; it's about fostering confidence in entrepreneurs who might otherwise be deterred by the financial complexities of launching or expanding their businesses.
Turner-DuBois understands the fears and apprehensions that can plague aspiring business owners.
Through her guidance and the resources provided by CEED Lending, she aims to dispel these fears, encouraging entrepreneurs to pursue their dreams with the knowledge that financial support is within reach.
CEED Lending, in collaboration with the Great Lakes Women's Business Council, is playing a pivotal role in reshaping the business landscape of Metro Detroit.
By offering accessible and tailored lending solutions, this initiative is not only injecting capital into underrepresented businesses but also instilling confidence in entrepreneurs.
With Belinda Turner-DuBois leading the charge, aspiring business owners are being empowered to realize their visions, ensuring that the entrepreneurial spirit in Metro Detroit continues to flourish.
