However, these jobs are rarely created by minority business owners: A recent paper published at University of Michigan points out that minorities have a disproportionately low rate of entrepreneurship, which is another small business challenge that alternative support structures are equipped to address.
"One of our goals is to try to bring more African-American owned companies to downtown," Ray Waters, the president of the DDF, explained. "There is a banding together of the local businesses that are close together."
The House of Pure Vin founders see this spirit constantly. "We always partner with different entities in order to expand our reach and expand our consumer audience and provide relevancy," one of the founders, Regina Gaines, explained. "This venture has broken barriers, and I can't really put a segment on our customer base." The store does joint promotions with the Woodhouse Day Spa next door; a nearby synagogue places Hebrew wine orders; restaurant Downtown Louie's around the corner allows customers to cork wines at the restaurant; Wright and Company is a post-tasting meal hotspot; and the David Klein Gallery places big orders for openings.
This model holds promise for other cities grappling with revitalization efforts. Through alternative funding partnerships, underserved entrepreneurial spirits can blossom into new opportunities across a depressed area. As JPMorgan Chase's $100 million commitment to Detroit progresses, the impact is clear—both in the city itself and in other cities taking notice.
"I think there's a conscious effort here that could exist in other cities if certain service providers can partner with alternative lending organizations," Waters said. "There is an access to capital for small business, and particularly minority-owned businesses. The capital's out there, it's about getting access and being loan ready."
And soon a lot of small businesses will have ample occasion to position themselves for support. In October 2015, JPMorgan Chase announced a $125 million commitment called Partnerships for Raising Opportunity in Neighborhoods (PRO Neighborhoods). This five-year initiative seeks to replicate the success experienced in Detroit, broadening the company's scope in cities across the country—and recently announced a series of regional collaborations to help develop inclusive neighborhoods in Detroit, Chicago, Atlanta, New York, and Miami.
It's an exciting time for community-centric development, and the effects of this approach will soon be enjoyed by residents in a host of cities. A wine store in Detroit is just the beginning; the pairing of smart finance and community support will soon be on the rise in countless growing neighborhoods.
This story originally appeared in Quartz, and was created in partnership with JPMorgan Chase & Co.