The week in review, with an eye on what's next:
The news: TCF Bank on Thursday pledged to lend minority- and women-owned small businesses $1 billion over the next five years, a move the Detroit-based bank's chairman described as a "monumental" and "audacious" bid to break down the longstanding barriers to capital that female and entrepreneurs of color often face.
The bank also is pouring $10 million into a grant program to help low-to-moderate income home buyers with up to $3,000 in assistance for making down payments.
Why it matters: Both initiatives, which will be funded in part by profits the bank reaps from the Paycheck Protection Program, are an intentional effort to address inequities and "systematic racism that has denied so many a piece of the American dream," said Gary Torgow, executive chairman of TCF Financial Corp.
The $1 billion business loan program marks TCF Bank's latest strategic move to build up its presence in Michigan in general and Detroit and Wayne County in particular.
The news: A group of anonymous current and former Detroit Institute of Arts staffers is calling for the removal of the museum's director, Salvador Salort-Pons, saying he fosters a culture that undervalues the contributions of people of color. It comes amid a whistleblower complaint filed with the Internal Revenue Service and Michigan attorney general that alleges questionable practices by Salort-Pons over the DIA borrowing art belonging to his father-in-law, retired real estate investor Alan May, for an exhibition at the museum, something that could increase the artwork's value. The ethics complaint was later extended to include board chairman Eugene Gargaro.
Why it matters: The DIA is the second Detroit cultural organization in recent weeks to face demands that its top executive step down amid allegations of racial and gender bias and other mismanagement. A group of former employees of the Museum of Contemporary Art Detroit called for the resignation of the museum's executive director earlier this month.
The news: Gardner-White Furniture has signed a three-year deal to serve as the new presenting sponsor of America's Thanksgiving Parade, held annually in Detroit. "As Michigan's top furniture store, it is our responsibility to do more than march in the parade; we need to take the baton and lead," Gardner-White President Rachel Stewart said in a news release.
Why it matters: Longtime sponsor Warren-based Art Van Furniture Inc. filed Chapter 11 bankruptcy in March. Art Van and its founder, Art Van Elslander, contributed millions of dollars to The Parade Co. in support of the city's Thanksgiving parade going back almost 30 years.
The news: Michigan continues to see workers coming off unemployment insurance but the federal government's Pandemic Unemployment Assistance program participants continue to rise. For the week ending July 4, Michigan added more than 110,000 to the federal program that pays out an additional $600 per week to the nation's unemployed. Nearly 1 million Michigan residents were receiving PUA funds as of July 4, which includes gig workers and other independent contractors.
Why it matters: The program is set to expire at the end of the month. Congress is negotiating an extension on the deal though it's likely the total dollar amount would be reduced.
The news: Detroit City Council voted Tuesday to approve Mayor Mike Duggan's revamped $250 million blight removal bond proposal for the Nov. 3 ballot. One controversial piece, in which contractors could opt out of an order that Detroiters fill 51 percent of work hours, was strengthened ahead of the vote to mandate that requirement for all.
Why it matters: If approved by voters, the plan would fund demolition of 8,000 vacant homes and securing of another 8,000 through bond sales. The desire for the new funding stream comes as Detroit has used up 98 percent of its more than $260 million in federal grant money for demolition.
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July 25, 2020 at 05:02PM
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Need to know: $1 billion for entrepreneurs, call for DIA director's removal, parade gets new sponsor and more - Crain's Detroit Business
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