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

  • Download the FOX 2 Apps


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

  • Attractive players in tennis, help or hurt?

    Attractive players in tennis, help or hurt?

    Wednesday, August 27 2014 12:58 PM EDT2014-08-27 16:58:19 GMT
    The U.S. Open is underway in Queens and there's no denying that many of the players, both men and women, are in great physical shape and know how to play that up. Women are particularly promoted in the industry as attractive, fashionable and fiercely competitive. Does that help the game and draw more people in?
    The U.S. Open is underway in Queens and there's no denying that many of the players, both men and women, are in great physical shape and know how to play that up. Women are particularly promoted in the industry as attractive, fashionable and fiercely competitive. Does that help the game and draw more people in?
  • Cuomo orders investigation into Time Warner outage

    Cuomo orders investigation into Time Warner outage

    Wednesday, August 27 2014 12:48 PM EDT2014-08-27 16:48:25 GMT
    Time Warner Cable suffered a nationwide outage primarily impacting its Internet service on Wednesday morning. More than 11 million customers were affected.  Several hours later, NY Gov. Andrew Cuomo ordered an investigation into the outage. "I have directed the New York State Department of Public Service to investigate this outage as part of its review of Comcast's proposed merger with Time Warner," said Cuomo.
    Time Warner Cable suffered a nationwide outage primarily impacting its Internet service on Wednesday morning. More than 11 million customers were affected.  Several hours later, NY Gov. Andrew Cuomo ordered an investigation into the outage. "I have directed the New York State Department of Public Service to investigate this outage as part of its review of Comcast's proposed merger with Time Warner," said Cuomo.
  • Man kills wife, wounds self at NJ hospital

    Man kills wife, wounds self at NJ hospital

    Wednesday, August 27 2014 11:50 AM EDT2014-08-27 15:50:16 GMT
    Authorities say a man fatally shot his wife and wounded himself at a hospital in southern New Jersey. Camden County Prosecutor's Office spokesman Jason Laughlin says the shooting happened Wednesday at Kennedy University Hospital in Stratford. The man was being treated for his injuries.
    Authorities say a man fatally shot his wife and wounded himself at a hospital in southern New Jersey. Camden County Prosecutor's Office spokesman Jason Laughlin says the shooting happened Wednesday at Kennedy University Hospital in Stratford. The man was being treated for his injuries.

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 | New Terms of Service What's new | Ad Choices