ImpactAlpha, June 23 — Ebiara, a partnership between nonprofit lender Invest Detroit and URGE Imprint, has received a $10 million program-related investment from Kresge Foundation. The PRI will enable Ebiara to support about 10 developers and up to $200 million in new development projects.
Ebiara aims to create access to early-stage financing and technical assistance for emerging Black and Brown development firms. “Detroit’s minority-led developers need better access to capital on their balance sheets to compete and bid on public projects and community development work in the Detroit neighborhoods where they live and work,” said Tosha Tabron of Kresge Foundation.
Inclusive real estate
In Philadelphia, The Collective, a group of experienced Black developers, teamed up with 17 Asset Management to create the Philadelphia Real Estate Impact and Equity Fund. The fund is looking to raise $100 million in institutional capital, which has too often overlooked Black developers individually (see, “How a collective of Black developers is raising equity for inclusive real estate in Philadelphia”).
Enterprise Community Partners, through a five-year and $3.5 billion plan, aims to help diversify the real estate industry.