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Pure Michigan Micro Lending Initiative is one of two high-profile programs aimed at increasing
small business investment in Detroit.
In September, more than 60 small businesses owners in Detroit and Southeastern Michigan
graduated from the Goldman Sachs 10,000 Small Businesses initiative, an innovative economic
development enterprise supported by Gov. Snyder, Goldman Sachs Chairman and CEO Lloyd
Blankfein, Detroit Mayor Mike Duggan, White House Senior Advisor Valerie Jarrett, Warren
Buffett and Michael Bloomberg.
Business owners participated in more than 100 hours of courses on accounting, human
resources, negotiation and marketing along with one-on-one workshops.
Collectively, Pure Michigan Micro Lending Initiative, 10,000 Small Business and Michigans
participation in the federal State Small business Credit Initiative presents one of the largest and
most innovative approaches to foster small business growth in the country.
In many ways, supporting small businesses with loans smaller than what private lenders offer is
a direct way to plant seeds of future economic growth, said Ray Waters, president of Detroit
Development Fund.
As these businesses receiving micro loans succeed, they become job creators, and with their
growth they become long-term investors in the city, he said. Its wonderful so many large
companies are locating in Detroit, but the backbone of Detroit is built by small businesses.
Born and raised in Detroit, Nicole Farmer has seen her share of changes in the business
climate during the last few decades in Michigans largest urban region. Today, she points to one
striking positive difference from five years ago, a time when the recession ravaged the economy
and the future of the city dangled in the balance.
For some people, it takes years for their dream to become a reality, said Farmer, founder of
Life Line Businesses Consulting Services, a Detroit-based consulting firm that prepares
entrepreneurs for starting or expanding their business in the city. She provides businesses
assistance to prospective lenders seeking loans at Detroit-based micro borrowers.
People see someone they know starting a business a pedicure shop, a barber shop, two
sisters working together to sell their jams and preserves, she said. Its all about building hope
and a sense of ownership.
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