DETROIT — A $100 million fund that will help provide capital for minority owned businesses in Detroit and throughout southeast Michigan was recently announced. The Minority Business Access Fund will provide loans from $100,000 to $20 million. The fund is supported by four private equity and investment firms. 

Detroit Mayor Mike Duggan said everything about the future of Detroit depends on its residents and businesses having opportunities.  

According to Ken Harris, president of the Michigan Black Chamber of Commerce, the lending practices, philanthropic dollars and venture capital funds that have poured into the city have not touched neighborhoods or minorities. He believes the fund will help bridge that gap.