Many 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 www.detnews.com.