Stories from the new economy: Invest Detroit - First Step Fund

This video was created by our partner, the New Economy Initiative, and does not necessarily reflect the views of Model D Media.
The First Step Fund, a revolving loan pool for emerging small businesses located in Southeast Michigan, was established in 2010 with the help of an NEI grant. The Fund provides entrepreneurs with much more than capital—its directors provide them with high level mentorship and coaching. The First Step Fund engages with partners throughout the region—from Detroit to Ann Arbor—to make sure that their entrepreneurs are plugged in to the best business support network in the region.

Receiving capital from the First Step Fund not only allows startups to invest in their personal growth, it signals to other lenders that businesses are worthy of investment. Capital can be tough to come across for startups, but recipients of the First Step Fund get leverage. To date, the First Step Fund has helped entrepreneurs procure over one hundred patents and earn tens of millions in additional funding.

Read the complete story here.