DETROIT – Since 2019, Black Leaders Detroit (BLD) has been fueling Black entrepreneurship in the city by providing no-interest loans and grants.
The nonprofit started after Dwan Dandridge struggled to find financial support for a project.
“I met with a few friends, told them about an idea to create a pot of money that will be set aside for Black entrepreneurs, but also controlled by the Detroiters that understood them really well,” said Dandridge, who is the founder and CEO of Black Leaders Detroit.
So far BLD has distributed over $2 million to nearly 400 Black businesses and nonprofits in Detroit, Dandridge said.
“And we’re just getting started,” he promised.
BLD is settling in at its new office at Newlab at Michigan Central in Corktown.
And the nonprofit was recently named one of two Detroit recipients of the Bank of America Neighborhood Builders Award. It comes with $200,000 in flexible funding, along with comprehensive leadership training.
“The fact that Black leaders Detroit is really focused on driving entrepreneurship and small business growth with communities of color, with entrepreneurs of color is critical, especially at this moment in the city of Detroit as we have tremendous opportunities,” Bank of America Michigan Market President Matt Elliot said.
Detroit Rescue Mission Ministries was also named as a recipient of the Bank of America award.
Dandridge said past recipients have told him that the leadership training is even more valuable than the money. The training includes increasing financial sustainability, human capital management and strategic storytelling, according to Bank of America.
He said he hoping to expand the reach of BLD across Michigan and the country.
“We feel like what we’re doing as an organization has the ability to be replicated in other cities with large Black populations,” he said.
BLD will begin accepting applications for its $25,000 no-interest loan program on January 1.
For more information about the program and how to apply, click here.
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