Eastern Market Corporation – $25,000

Eastern Market has an extensive portfolio of programs that support small food businesses and food entrepreneurs in Detroit, MI. Through these programs, Eastern Market has learned that the greatest and most common challenge that food entrepreneurs face when trying to grow or scale their businesses is accessing lending capital. With this grant ($25,000 per year for two years), Eastern Market and ProsperUs, a CDFI and entrepreneurial support organization, will pilot a new Eastern Market Microloan Revolving Fund that will provide microloans of $1,000 to $2,500 to businesses that utilize Eastern Market’s business support programs and wraparound services. Borrowers will be able to use the loans to purchase or lease equipment, conduct market research, design marketing materials, secure inventory, or for other uses that enable them to reach the next level in their growth.