President, Detroit Development Fund
Ray Waters is the president of Detroit Development Fund (DDF) – formerly ShoreBank Enterprise, and the managing director of the Detroit Community Loan Fund (DCLF). The DDF and the DCLF provide growth capital to minority owned businesses in the city of Detroit. The DDF provides financing packages for Detroit developers working on affordable housing projects and commercial projects in Detroit neighborhoods. The DDF also provides lines of credit for smaller contractors in the city, allowing them to undertake new construction jobs. In addition, DDF provides small quasi-equity investments in growth companies that can create jobs for Detroit residents.
Prior to his involvement with DDF and DCLF, Waters was a managing partner at BBC Ventures. In addition to consulting, BBC sought to acquire early stage life science companies to be managed from its Ann Arbor, Michigan, offices. From 1990 to 1999, Waters served as president of Horizon BIDCO Investment Company, a mezzanine venture fund providing growth capital for some companies in Southeastern Michigan. He has served on the National Advertising and Franchise Committee of the Hertz Corporation as well as the National Distributor Board of the Adolph Coors Company. Waters’ business career includes over 20 years of experience as chief executive officer and owner of three profitable growth companies, two of which were start-up ventures. His hands-on operating experience included structuring the sale of two of these companies.