The building will soon house affordable apartments for low- and middle-income people, a YWCA 24-hour childcare center and a small business accelerator.
The building was partially funded with an innovative Impact Investment Loan program from the Kalamazoo Community Foundation.
"It's exciting to see the Creamery project coming to life," said Martha Gonzalez-Cortes, vice president of Community Investment for KZCF.
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The Charities Aid Foundation has set up a scheme, called the Social Enterprise Assist, that will render interest-free loans of up to £10,000 each to help social enterprise start-ups.