Social Innovation Fund

Detroit, a city rich in history and culture, currently grapples with complex societal hurdles. These encompass a range of concerns from urban decay, rising crime rates, to food scarcity, socioeconomic disparities, an under-performing education system and more. These aren't just issues that need addressing; they present opportunities for innovative solutions motivated not merely by profit but by a commitment to societal transformation. Enter the social entrepreneur, a new breed of innovator whose primary driving force transcends profit.

Social entrepreneurs are guided by a unique compass of purpose and profit. While profitability remains an essential aspect, it's not the core driving force. Their ultimate motivation lies in leaving a positive and lasting imprint on the communities they serve.

University of Detroit Mercy stands to foster this societal change. Owing to our deep-rooted faith-based commitment to service and a nationally renowned business college, we have the capacity to cultivate these pioneers. Our faculty and staff, armed with skills and experience, are well-positioned to guide and mentor these entrepreneurs.

In the heart of this transformation is the CSE Social Innovation Fund. This fund has been created to plug a critical gap in the regional small business funding network. We stand committed to assisting social entrepreneurs to secure early-stage and flexible financing to kick start and scale their ventures. As a crucial first step in their entrepreneurial journey, our backing serves as an endorsement of their credibility. Once fortified with our support, these entrepreneurs can confidently approach our regional alternative lending partners and, ultimately, be poised to achieve bank-readiness — the ultimate goal.

Eligible businesses

  • New and existing social enterprises that work to address social challenges in southeast Michigan.
  • Must be a graduate of our ten-week Boost program

Maximum loan amount

  • Up to $5,000

Fees

  • No fees

Interest

Terms

  • Maximum payback period of 24 months.
  • Deferred payments, interest only payments and other terms can be negotiated.

Process

  • Complete the Boost program 
  • Submit completed application
    • Two-page business plan (template provided)
    • Income statement
    • Balance sheet
    • Cashflow statement
  • Deliver a maximum five-minute pitch to the decision making panel. 
  • There are two funding rounds per year in May and December. 

For more information, or help in navigating business funding in Detroit contact Derrin Leppek at leppekdj@udmercy.edu

You can also view other small business funding opportunities.