For year,s Detroit has been seen as one of the worst cities in America. After the city hit rock bottom following the Automotive bailouts, many considered Detroit a lost cause. During the time period the phrase Detroit vs Everybody emerged as the slogan for a city no one cared about and considered a plague on the country.
But now things are changing.
Never underestimate the underdog and now many investors and lenders are investing in the Motor City and its small businesses. The growth of the new Detroit has been attributed to the growth of its local businesses.
JPMorgan Chase performed a case study on Detroit’s local businesses and found that during its 120 days of operation, The House of Pure Vin, a wine store located in downtown Detroit has “seen a steady uptick in business. And, like many similar small businesses across the city, their success stems from extensive pre-opening planning and support from outside entities.” As you may have noticed, the comeback for the Motor City was built brick by brick in order to develop a successful, and diverse city.
The Detroit Development Fund’s (DDF) (which is a newly established Entrepreneurs of Color Fund) is a $6.5 million lending program which has opened a lot of doors for small business owners in the area. DDF is financially backed by JPMorgan Chase and the W.K. Kellogg Foundation. Ray Waters, the president of the DDF, indicated that his goal was “to bring more African-American owned companies to downtown. There is a banding together of the local businesses that are close together.” Water and the DDF defied the odds and bet on businesses that had been overlooked. Investing in your local small businesses can lead you a long way and you can look at the DDF as an example.
If you are a small business owner and need help with navigating the small business and supplier diversity process please visit our website at www.Supplierty.com for more information.