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Small Business Financing - Detroit Unveils $1.5M in Small Business Loans

Small Business FinancingMany small business entrepreneurs in Detroit who have been denied loans now have a chance to get small business financing through a new city program, Mayor Kwame Kilpatrick announced Thursday at a small business forum.

The Small Business Detroit MicroLoan Program, a $1.5 million program funded through the Casino Business Development Fund, would offer loans ranging from $5,000 to $35,000 to startups and existing small businesses in Detroit, even if the applicant is not a resident.

“Small businesses employ the majority of the work force throughout the nation and account for the greatest percentage of the country’s higher-income workers,” Kilpatrick said.

Find out more about small business financing in Detroit at