Gilbert Foundation backs Black-led business development in Detroit | Philanthropy news

The Gilbert Family Foundation has awarded two grants totaling $4.1 million to Black-led organizations in Detroit to accelerate economic development in the city’s African American community, Crain’s Detroit Business reports.

A $2.1 million grant to Black Leaders Detroit will expand its no-interest lending programs, including a real estate fund that provides $150,000 to developers of African descent working on residential projects. And a $2 million grant to the Michigan Black Business Alliance will help drive efforts to scale Black-owned business expansion through better access to financing, one-on-one business coaching, and technical assistance.

“Detroit’s continued growth hinges on a strong small business community throughout the city,” said foundation vice president of Detroit community initiatives Darnell Adams. “These investments will ensure Detroit developers, entrepreneurs, and small businesses have the resources and opportunities needed to shape the future of our city and state.”

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