The Rocket Community Fund hopes to strengthen minority contractors in Detroit

Detroit – A $ 10 million pilot project launched Tuesday by the Rocket Community Fund and several partners aims to address the inequality of minority contractors in the state’s largest city.

The Motor City Contractor Fund was created to increase minority lending and provide resources to help Detroit-based contractors compete for billions in annual commercial construction, Rock Holdings Vice President Bill Emerson said in a statement Tuesday in the State Savings Bank.

Detroit has no minority contractors. Of the approximately 1,300 Metro Detroit contractors, 66 are based in Detroit and 48 are in the minority, Emerson said.

“It’s simple, only 5% of Metro Detroit contractors are based in Detroit, and more than $ 5 billion in annual commercial construction in Detroit is wealth that leaves the city and leaves the black community,” Emerson said. adding the program will serve as a future model for greater economic mobility.

Bill Emerson, vice president of Rock Holdings, speaks during a press conference for the Motor City Contractor Fund, which aims to support minority and women-owned contractors in Detroit on Tuesday, April 5, 2022.

“Their success will result in hiring more Detroiters and inspiring the next generation of contractors to participate in the program and be equipped with all the tools they need to succeed.”

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The Rocket Community Fund has the first $ 1 million and is partnering with the Detroit-based Community Reinvestment Fund USA, Invest Detroit and Barton Malow Builders to provide an additional $ 9 million to 20 minority contractors.

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