ANNUAL REPORT
Invest Detroit is a mission-driven lender, investor, and partner that supports business and real estate projects that will ignite economic growth in Detroit and the region. Through real estate, small business, and commercial lending and venture investment, our goals are to increase density, promote job creation, and create thriving Detroit neighborhoods in ways that are strategic and inclusive.
Every year, the Invest Detroit team strives to do more good in and for our community, and we are grateful to our many funders and partners for their generous support of this work. Together, we serve and impact our community in ways that would otherwise not be possible.
In 2022, we far exceeded our original goals with record-high deployment of nearly $50 million of much-needed funding for our clients. We also expanded our work, filling ecosystem gaps by launching new small business loan programs and a new growth-stage venture capital fund, all of which provide inclusive and equitable access to capital and economic growth opportunities for underserved developers, entrepreneurs, and small business owners.
By The Numbers
2022 Key Metrics Across All Programs
$50M deployed
Record yearly deployment
For every $1 invested by Invest Detroit, we attracted another $7.40 of direct outside investment
$363.7M leveraged
101 projects and/or businesses supported
1,427 jobs created or retained
66% impact population represented*
*Invest Detroit’s impact population is businesses or projects owned or developed by people of color, immigrants, and women, and startup companies based in Detroit.
2022 Real Estate Activity*
$40.9M deployed
$69.1M leveraged
718K total SQ FT created
*Real estate activity includes C&I activity
207 housing units created
109 affordable housing units created (53% of all units)
2022 Small Business Performance
$3.9M deployed
$3.5M leveraged
35 total small businesses supported
91% of businesses owned by people of color, immigrants, or women
2022 ID Ventures Activity
$4.4M deployed
$291M leveraged
32 companies funded
56% are founders of color, women, immigrant, or Detroit-based startup
587 jobs created or retained
Key Metrics Since Inception (1995-2022)
$540.4M deployed
$3.6B leveraged
913 projects and/or businesses supported
15,774 jobs created or retained
7,578,194 Total Commercial/Retail Sq Ft created
5,441 Housing Units Created
1,060 Affordable Housing Units Created
By The Stories
Real Estate
the Brooke and Cliff Brown
In 2022, Detroit developer Cliff Brown and his firm Woodborn Partners broke ground on The Brooke, a mixed-use, new construction project bringing critical new housing to Southwest Detroit. This is Cliff’s second Strategic Neighborhood Fund (SNF) project and an example of how Invest Detroit financing tools and funds coordinate to support successful Detroit projects and developers. In addition to a construction loan and SNF gap financing for the project, Woodborn Partners also received a loan from Invest Detroit’s new Ebiara program, which provides working capital loans and coaching resources for Detroit-based, Black and Brown developers scaling their firms. An Ebiara loan increased Woodborn Partners’ financial capacity, supporting Cliff’s ability to develop larger neighborhood projects like The Brooke, as well as supporting his ambition to grow his business.
SMALL BUSINESS
Lily’s & Elise Tea House
Native Detroiter Kimberly Fisher has been a model, a youth counselor, and an event planner. But Kimberly’s true passion is tea. She is the only certified Black tea sommelier in Michigan, and a low-cost, small business loan from Invest Detroit is helping her turn this passion into one of the newest Black-owned businesses on Detroit’s Avenue of Fashion. Lily’s & Elise Tea House creates a premier, full-service, European tea experience with a modern twist, offering fine pastries, small bites, teas, and cocktails. The tea house will celebrate its grand opening in 2023 in the redeveloped B. Siegel Department Store, another project supported by Invest Detroit.
ID VENTURES
PLINQIT
Plinqit founder Kathleen Craig started her journey with an idea to support the financial health and wellbeing of digital-native generations. Recognizing the vast difference between how Baby Boomers and Millennials interacted with banking institutions, Kathleen sought to meet younger generations with money saving tools where they operated – on their phones. Though available to individuals as a free app, Plinqit became the basis for a broader fintech company that offers savings and account management solutions for banks, credit unions, and core software solutions. ID Ventures has supported Kathleen over the years with mentorship and early-stage seed and emergency COVID funding; however, we are thrilled to have recently made an IDV Fund IV investment in Plinqit’s $5M Series A round in 2022, launching the next big phase of growth for Kathleen and her team.
The Strategic Neighborhood Fund (SNF) Spark Grants
The Warrendale / Cody-Rouge neighborhood celebrated completion of the first SNF Spark Grant project in 2022. The West Warren mural project, facilitated by the Cody-Rouge Community Action Alliance (CRCAA), resulted in eight beautiful new murals created by Detroit artists. This project was guided by direct input from the community and engaged 20 youth in planning, implementation, and painting. The program had a deep impact on the community, brightening the corridor, increasing community cohesion, and bringing additional energy to the area and to the more than 800 residents that participated in the project. This project is the first of a series of Spark grants that are now being replicated in additional neighborhoods, “sparking” additional economic activity along Detroit’s historic neighborhood corridors. These activities include additional mural projects, small business façade improvement programs, pop-up retail, and public gathering spaces.
FINANCIALS
Invest Detroit Consolidated*
Total Assets
$207,986,169
Portfolio Investments
$131,700,153
Net Assets and Partner's Equity
$168,032,320
2022 Increase in Net Assets
$4,053,252
* Audited Financial Statements for each company consolidated into Invest Detroit available upon request
Operational Highlights
DEPLOYMENT
$50.4M
NMTC AWARD
$50M
Fundraising
$11.2M
NEW STAFF HIRES
8
Combined Portfolio Composition
ReAl Estate (72%)
$94,881,786
ID Ventures (16%)
$20,807,554
Commercial (6%)
$8,589,273
SMall Business (6%)
$7,421,540
About Invest Detroit
A Stronger Detroit through
4 Areas of Focus
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Our real estate program supports both new construction and renovation projects and encompasses our Strategic Neighborhood Fund (SNF) investment. While we continue to support projects in the Greater Downtown, it is through SNF that we expand our tools to mixed-use buildings in neighborhood catalytic commercial corridors. We support both large projects led by experienced developers that will bring affordable housing to a neighborhood, as well as projects led by emerging, local developers looking to build their portfolio—helping to ensure equitable opportunity for neighborhood development.
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Invest Detroit’s small business program is committed to supporting both new and existing locally-owned businesses with loans that support operational and property needs. Our small business team is deeply embedded in Detroit’s small business ecosystem and dedicates an enormous number of hours each year to provide ongoing technical assistance to help our small business owners refine their plans and achieve their business goals.
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Invest Detroit’s Commercial and Industrial program supports larger businesses with the potential to provide a significant number of jobs for Detroit residents. We continue to work with the City of Detroit, Detroit Economic Growth Corporation, and other partners to a create a strategy to better attract these large job-creators.
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ID Ventures scales promising early-stage ventures into thriving companies that help support the state’s economy, provide jobs to local talent, and bolster Michigan’s growing startup community.
Working Together to Achieve
4 Primary Goals
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Our neighborhoods approach focuses our lending tools, relationships, and expertise on targeted neighborhood locations that will catalyze and inspire further growth in surrounding areas. We work with residents to identify priorities and developers who are community-minded. Partnering with the City of Detroit, neighborhood leaders and associations, among others, we are working to bring proven tools into ten targeted neighborhoods through the Strategic Neighborhood Fund.
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Increasing the population of Detroit by attracting and retaining residents means less vacant buildings, safer neighborhoods, and a stronger local economy. We prioritize mixed-use projects that provide affordable housing so that residents at all income levels have a place to call home.
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Supporting businesses over a range of sectors helps to create a wide range of opportunities for Detroit residents at all stages of their education or career paths. Local businesses can provide jobs to residents without cars, cut down on commute times for busy parents, promote walkable neighborhoods, and improve the local economy. Our programs work together to support local entrepreneurs who are creating new jobs or retaining existing jobs within the city.
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Equitable access is a thread that runs through all of our programs and goals. Our vision is a Detroit for everyone with multi-ethnic and mixed-income neighborhoods where all residents feel safe and welcome and have access to resources and opportunities. Through our real estate work we ensure that we maintain percentages of affordable units in multi-family housing, and we work to identify and support developers of color. In our small business and venture investment work, we actively seek out entrepreneurs that are persons of color, immigrants, female, or Detroit residents.
The People
Invest Detroit Board
Matthew P. Cullen - Chair
Principal and Chairman of the Board, JACK Entertainment
Roderick D. Gillum – Vice Chair
Partner, Jackson Lewis, P.C.
John Blanchard
Director of Local Government Relations, General Motors
JoAnn Chàvez
Senior Vice President and Chief Legal Officer, DTE Energy
Antoine M. Garibaldi, Ph.D.
President Emeritus and Distinguished University Professor, University of Detroit Mercy
Wright L. Lassiter, III (through July 2022)
President and CEO, Henry Ford Health System
Wendy Lewis Jackson
Managing Director, Detroit, The Kresge Foundation
Richard A. Manoogian
Chairman Emeritus, Masco Corporation
Charles G. (Chip) McClure
Chair, Board Investment Committee
Managing Partner, Michigan Capital Advisors
Dan Nissenbaum
Chief Executive Officer, Low Income Investment Fund
Chris Rizik
Chief Executive Officer, Renaissance Venture Capital Fund
Alan S. Schwartz
Chair, Board Audit and Finance Committee
Partner and Vice Chairman, Honigman
Suzanne Shank (through October 2022)
President and CEO, Co-Founder, Siebert Williams Shank & Co., LLC
Gary Torgow
Chairman, The Huntington National Bank
Laura Trudeau
Chair, Board Governance and Nominating Committee
Principal, Trudeau Consulting, LLC
David Blaszkiewicz
Ex-Officio Board Member
President and CEO, Invest Detroit
Paul Trulik - Secretary & Treasurer
EVP of Business Development,
Quattro Business Support Services
Donald Kunz - Board Legal Advisor
Partner, Honigman
STAFF
Maureen Anway
Vice President, Program Evaluation
Nate Barnes
Vice President, Neighborhoods
Jason Barnett
Senior Vice President, Lending
Benjamin Bernstein (through July 2022)
Principal, ID Ventures
David Blaszkiewicz
President and Chief Executive Officer
Ross Campbell
Associate Vice President, Loan Accounting
Keona Cowan
Executive Vice President, Lending
Martin Dober
Senior Vice President, Venture and Managing Director, ID Ventures
Valerie Doyle (through November 2022)
Associate Vice President, Portfolio Management
Deborah Dunbar
Associate Vice President, Portfolio Management
Derek Edwards
Senior Vice President, Lending
Shannon Ferrini
Executive Assistant
Lisa Fetter
Associate Vice President, Credit
Elizabeth Freitas
Senior Vice President, Portfolio Management
Brittany Fritsch
Associate Vice President, Finance and Accounting
Kayla Garner
Associate, Finance and Accounting
Jamie Geary, CPA
Chief Accounting Officer
Amber Gladney
Senior Vice President, Administration and Operations
Patricia Glaza
Executive Vice President, Venture and Managing Director, ID Ventures
Danielle Graceffa
General Counsel
Lily Hamburger
Associate Director, Business Support Network
Jennifer Hayes
Senior Vice President, Operations and Policy
Saul Hernandez
Associate Vice President, Credit
Randy Hyde (through August 2022)
Senior Vice President, Marketing and Development
Paul Jones
Director, Business Support Network
Kathi Kucharski
Vice President, Grants Administration
Carrie Lewand-Monroe
Chief Operating Officer
Kevin Mack II
Associate, Credit
Colleen Mattia
Vice President, Credit and Special Projects
Tiffany Mitchell
Associate, Portfolio Management
Allison Murdock
Senior Analyst, ID Ventures
Nicholas Pohl
Senior Vice President, Credit and Portfolio Risk Management
Jeff Ponders II
Principal, Portfolio Success, ID Ventures
Jerry Porter, Jr.
Associate, Loan Accounting
Aditi Rajagopal
Associate, ID Ventures
Connor Root
Associate Vice President, Portfolio Management
Jermaine Ruffin
Senior Vice President, Neighborhoods
`Tember Shea
Portfolio Manager, ID Ventures
Michael R. Smith
Senior Vice President, Neighborhoods and Development Officer
Cristina Thibodeau
Executive Assistant
Jessica Vallis
System Administrator
Marcia Ventura
Senior Vice President, Lending
Mike Vieregge
Senior Vice President, Lending
Rachel Wilson
Associate, Administration and Operations
Jason Zalewski
Vice President, Lending
Committees
CDE BOARD
Keona Cowan – Chair
Invest Detroit
Camille Walker Banks
LISC Detroit
Kenyetta Bridges
Detroit Economic Growth Corporation
Kenita Harris
Jefferson East, Inc.
Susan Mosey
Midtown Detroit, Inc.
INVESTMENT COMMITTEE
James Blanks (through January 2022)
First Independence Bank
Kenyetta Bridges
Detroit Economic Growth Corporation
Melinda Clemons
Enterprise Community Partners
Freddie DuBose
PAINIA Development Corporation
Phillip Goy
Tara Strategic Advisors LLC
Richmond Hawkins (through August 2022)
Detroit Development Fund
Steven Hilfinger
Foley & Lardner LLP
Jed Howbert
Greatwater Opportunity Capital LLC
Joel Kellman
Dykema Gossett PLLC
Tom Lakocy
J.P. Morgan Securities, LLC (Retired)
Denise Lewis
Honigman (Retired)
Gregory Mickens
Edward Jones
Gregory Nelson
Pulte Corporation (Retired)
Michael Rhodes
JPMorgan Chase & Co.
David Schostak
Schostak Brothers & Co.
Eliot Stark
Tosha Tabron
The Kresge Foundation
Joseph Zayance
Huntington Bank
OVERSIGHT COMMITTEE
Thomas Lakocy
J.P. Morgan Securities, LLC (Retired)
Denise Lewis
Honigman (Retired)
Gregory Nelson
Pulte Corporation (Retired)
Aaron Seybert
The Kresge Foundation
Eliot Stark
ADVISORY COMMITTEE
James S. Bernacki
Comerica Bank (Retired)
Dwan Dandridge (through August 2022)
Black Leaders Detroit
Ken Elkins
Black Leaders Detroit
Stacy Esbrook
Michigan Community Capital
Bryan Hogle
The Kresge Foundation
George Jacobsen
William Davidson Foundation
Malinda L. Jensen
Detroit Economic Growth Corporation
Katy Locker (through August 2022)
Bridge Michigan
Michael B. Shaw
Hudson-Webber Foundation
William Smith
Detroit Riverfront Conservancy
Paul Trulik
Quattro Business Support Services
Nathaniel L. Wallace
Michigan Central
Ray Waters
Detroit Development Fund
Tahirih Ziegler (through March 2022)
Detroit LISC
Susan Mosey - Program Partner Representative
Midtown Detroit, Inc.
Robert Gregory - Program Partner Representative†
Downtown Detroit Partnership
IDV Investment COMMITTEE
Chris Rizik – Chair
Renaissance Venture Capital Fund
David Blaszkiewicz
Invest Detroit
Martin Dober
Invest Detroit
Adrian Fortino
Mercury Fund
Patricia Glaza
Invest Detroit
FUNDERS
Special thanks to our community of philanthropic and corporate supporters who make this critical work possible.
Airbnb
Anonymous Donor Advised Fund at The Chicago Community Foundation
American Axle Manufacturing
Ballmer Group
Bank of America
Blue Cross Blue Shield of Michigan
Community Development Financial Institutions Fund
Community Foundation for Southeast Michigan
Comerica Bank
Fifth Third Foundation
Flagstar Foundation
Ford Foundation
The Gilbert Family Foundation
Hudson-Webber Foundation
Huntington Bank
The Kresge Foundation
MacKenzie Scott
Michigan Economic Development Corporation
New Economy Initiative
Opportunity Finance Network
Penske Corporation
Ralph C. Wilson, Jr. Foundation
Skillman Foundation
U.S. Small Business Administration
Wells Fargo
William Davidson Foundation
W.K. Kellogg Foundation