Urban Partnership Bank (UPB) is expanding its lending staff in Detroit as the Chicago-based financial institutions looks to grow its business portfolio in the Motor City.
"We're aggressively seeking community borrowers to build businesses and revitalize business districts in Detroit’s neighborhoods," says Brian Berg, director of communications for
Urban Partnership Bank.
UPB has set a goal of lending $10 million to small business, nonprofits, and real-estate investors for this year. It has already loaned millions of dollars to Detroit-based businesses since opening its Midtown office in 2012.
Among the recipients of Urban Partnership Banks loans is the Parkside-Five. The 138-unit apartment building at 23740 Fenkell St received a $1.3 million loan for a renovate. Urban Partnership Bank also gave three loans worth $3.3 million, in collaboration with the
Michigan Economic Development Corp and
Invest Detroit, to
Grandpapa's, a Detroit-based business that manufactures cheese balls, pork rinds, and other snack foods. The loan helped the business purchase and renovate an abandoned 139,000-square-foot production facility on East Davison Avenue.
"The company plans to add 50 new employees," Berg says.
Urban Partnership Bank recently introduced new lending options, including fixed-rate mortgages, home-equity loans, CD-secured loans, and secured lines of credit. It also added two new positions to its Midtown office to help it meet its goal of lending $10 million this year.
Source: Brian Berg, director of communications for Urban Partnership Bank
Writer: Jon Zemke
Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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