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Detroit small businesses to get $20 million

Staff writer |
Michigan Governor Rick Snyder, Detroit Mayor Dave Bing and Goldman Sachs CEO Lloyd Blankfein announced a $20 million partnership to bring the Goldman Sachs 10,000 Small Businesses initiative to Detroit to help create jobs and economic growth.

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Small business owners will have access to a practical business education where they will develop a business growth plan to help them increase revenues and hire new employees. The education program will be delivered in partnership with Macomb Community College, Oakland Community College and Wayne State University.

Goldman Sachs is committing $15 million of lending capital to support the small businesses community in Detroit and the surrounding region. Goldman Sachs intends to provide funding to two intermediaries – Invest Detroit Foundation and Detroit Development Fund – which will use the funds to make loans to small business owners in the area.

Business advice, technical assistance and networking will be offered to participating small business owners through partnerships with community-based partners and national business organizations, as well as the people of Goldman Sachs.

"Small businesses are vitally important to Michigan's continued economic comeback and Detroit's turnaround. The entrepreneurial spirit is deep in our state's DNA. This initiative will bring additional expertise and capital to our creative and hard-working small business owners and help their ventures grow and thrive. I am excited about the collaboration, possibilities and opportunities," Governor Rick Snyder said.

"Small business owners are a critical part of Detroit's comeback. Our City is quickly becoming the home base for a number of innovative and cutting-edge companies that are bringing jobs and people to Detroit. This new initiative will provide significant financial and technical assistance for these businesses. And once again, it's proof of how partnerships are playing a major role in the transformation of Detroit," said Mayor Dave Bing.

"With practical business education and capital, small business owners in Detroit have a much better chance of growing their businesses and contributing to the economic recovery of the city. We thank our partners in 10,000 Small Businesses who are working hard to support more jobs and opportunity in Detroit," said Lloyd C. Blankfein, Chairman and CEO of Goldman Sachs.

Goldman Sachs 10,000 Small Businesses is a $500 million program that will unlock the growth and job-creation potential of 10,000 small businesses across the United States through greater access to business education, financial capital and business support services.

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