Ebiara is a new fund that will support minority-owned real estate development firms in Detroit with capital and other resources.
According to the Detroit Free Press, the fund will serve as an option for developers in their early stages to have access to capital through loans, technical assistance and coaching.
The initial capital support available is $11 million.
“Ebiara exists to help combat the challenges that minority developers face growing their business — from accessing capital to securing talent and resources,” Roderick Hardamon, CEO and chief strategist for URGE Imprint, said.
He added that Ebiara wants to partner with real estate development firms that want to scale their impact in Detroit.
“While the ecosystem has evolved to lower the barrier of entry into real estate development, more work is needed to crack the code on scalability,” Hardamon said.
To be eligible, a development fund must be at least 51% minority-owned with a goal to create an economic impact in the city, have an interest in scaling the business, and commit to mentor other developers during the process.
The fund describes itself as “supporting equitable opportunity in Detroit’s real estate development community.”
Ebiara is a partnership between the highly experienced, local management consulting firm URGE Imprint and Invest Detroit, a nonprofit dedicated to the equitable growth of Detroit’s economy.
To apply for the fund, developers can visit ebiara.com where they will complete an initial application followed by a 30-minute interview.