Development Fund receives $2.5M grant for businesses

DETROIT (AP) - The Knight Foundation has awarded a $2.5 million grant to the Detroit Development Fund in an effort to help boost the city's business economy.

Officials with the foundation said Wednesday that the grant will support stage retail and creative businesses in Detroit, as well as advance the fund's mission to revitalize the city's economically distressed areas. They said it also will focus on minority and female entrepreneurs.

The Detroit News reports that the $2.5 million initially was given to the Detroit Development Fund as a low-interest loan. The Knight Foundation's program director for Detroit says the conversion to a grant will allow the fund to attract more capital and expand its activities.

The Knight Foundation has pledged more than $80 million to Detroit since 2008.

Published: Fri, Oct 23, 2015

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