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

  • 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.

  • 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.

  • 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.

  • 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

  • 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.

  • 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.

  • 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.

  • 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