Detroit small businesses getting more loan access - New York News

Detroit small businesses getting more loan access

Posted: Updated:
Michigan Gov. Rick Snyder Michigan Gov. Rick Snyder

DETROIT (AP) -- Political and national business leaders gathered in Detroit on Tuesday to launch a program that will provide small businesses with access to millions of dollars in loans and other boosts.

The $20 million partnership was announced by Michigan Gov. Rick Snyder, Detroit Mayor Dave Bing, Goldman Sachs Chief Executive Lloyd Blankfein and billionaire investor Warren Buffett. The Goldman Sachs 10,000 Small Businesses aims to help create jobs and boost economic growth through the loans as well as business support and education provided by local colleges and universities.

Snyder said the program's strengths are in the combination of business education and access to capital in a place with a long history of starting and growing businesses.

"Small businesses are vitally important to Michigan's continued economic comeback and Detroit's turnaround," the Republican governor said in a statement. "The entrepreneurial spirit is deep in our state's DNA."

Blankfein said the various prongs of the program increase the chances that startups will succeed in the city, which has suffered massive business and population loss during the past few decades and earlier this year became the largest city in the nation to file for bankruptcy.

Detroit's program is scheduled to begin in March and will provide funding to two local organizations that will in turn loan the money. Classes are free to business owners, who are accepted through a competitive application process.

Goldman Sachs' overall $500 million program is active in urban areas across the U.S., including New York, Los Angeles, Chicago, Cleveland and Philadelphia, as well as parts of several states.

To apply, log on to www.10ksbdetroit.com

  • Local NewsLocal NewsMore>>

  • Sunday's storm captured by Fox 2 viewers

    Sunday's storm captured by Fox 2 viewers

    Sunday, July 27 2014 11:48 PM EDT2014-07-28 03:48:38 GMT
    We have more video of the storm and storm damage from across southeast Michigan. It's Fox 2 viewer pics and video that you sent to us.
    We have more video of the storm and storm damage from across southeast Michigan. It's Fox 2 viewer pics and video that you sent to us.
  • Storm damage in Oakland and Macomb counties

    Storm damage in Oakland and Macomb counties

    Sunday, July 27 2014 11:26 PM EDT2014-07-28 03:26:48 GMT
    Damage was reported across Metro Detroit Sunday after severe storms moved across our area. About 200,000 customers lost power in the hail, heavy rain, strong winds, localized flooding and thunder and lightning.
    Damage was reported across Metro Detroit Sunday after severe storms moved across our area. About 200,000 customers lost power in the hail, heavy rain, strong winds, localized flooding and thunder and lightning.
  • Person of interest sought in April Millsap murder

    Person of interest sought in April Millsap murder

    Sunday, July 27 2014 7:57 PM EDT2014-07-27 23:57:45 GMT
    We now know more about who police are looking for in the murder of April Millsap, 14, of Armada. Sunday, police released a sketch of a person of interest in the unsolved case.
    We now know more about who police are looking for in the murder of April Millsap, 14, of Armada. Sunday, police released a sketch of a person of interest in the unsolved case.
  • Download the FOX 2 Apps


  • FOX 2 News Five-Day Forecast
  • Local NewsLocal NewsMore>>

  • 'Spider-man' slugs cop in Times Square

    'Spider-man' slugs cop in Times Square

    Sunday, July 27 2014 7:54 PM EDT2014-07-27 23:54:59 GMT
    New York City NewsNew York City News
    A man dressed as Spider-Man was arrested on charges he slugged a police officer who told him to stop harassing tourists in Times Square.
    A man dressed as Spider-Man was arrested on charges he slugged a police officer who told him to stop harassing tourists in Times Square.
  • Kayakers breach New York's JFK airport security

    Kayakers breach New York's JFK airport security

    Sunday, July 27 2014 3:46 PM EDT2014-07-27 19:46:29 GMT
    The tower at John F. Kennedy International AirportThe tower at John F. Kennedy International Airport
    Two kayakers have been cited for trespassing after breaching a Kennedy Airport security perimeter.
    Two kayakers have been cited for trespassing after breaching a security perimeter at New York's Kennedy Airport.
  • Woman gets 20-year prison term for fatal stabbing

    Woman gets 20-year prison term for fatal stabbing

    Sunday, July 27 2014 2:32 PM EDT2014-07-27 18:32:05 GMT
    A southern New Jersey woman who fatally stabbed a man last year during an argument in his home has been sentenced to 20 years in state prison.
    A southern New Jersey woman who fatally stabbed a man last year during an argument in his home has been sentenced to 20 years in state prison.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices