With the credit markets frozen, some of Detroit's budding businesses are turning to the city's Microloan Program for help to grow.
Excerpt:
Catherine Franklin wanted to expand her vending machine business in Detroit, but she couldn't obtain a loan to get the money because of the financial crisis that has frozen private lending.
But she turned to the City of Detroit's small business microloan program, which provided her with the money to purchase another vending company and grow her business, Vending R' Us, which provides vending machines to businesses and services them. Franklin said it would have been impossible in today's economic climate without the program.
"I did try to get some lending through a traditional financial organization," she said. "They said no, even though we've been in business for six years. ... If the economy was better, I would probably have gotten approved no problem."
Read the rest of the Detroit Free Press story
here.
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.