Mayor Kwame Kilpatrick announced Thursday an new loan program for small businesses.
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.
About 260 businesses have expressed interest in the loans and 60 went
through orientation, according to Marja Winters, director of the Office
of Neighborhood Commercial Revitalization, the city agency handling the
program.
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