Resources
NETWORKING
TECHTOWN
TechTown is an urban community of entrepreneurs, investors, mentors and corporate partners creating an internationally recognized entrepreneurial village in the city of Detroit. TechTown brings the resources of Wayne State University to high technology start-up companies to diversify and strengthen Michigan's economy with life sciences, advanced engineering, alternative energy and other types of businesses. Small businesses would benefit substantial from the many support-based resources designed to assist businesses. Go to the website (Http://Techtownwsu.org)
SMALL BUSINESS DETROIT MICRO-LOAN ENTREPRENEURS ROUNDTABLE
Another option to network is to attend the Small Business Detroit Micro-Loan “Entrepreneurs Roundtable.” The SBDML developed the Entrepreneurs' Roundtables, a series of roundtable discussions to assist entrepreneurs with starting their own businesses. Each roundtable discussion specializes in a particular industry. Go to the below website link for up-to-date information about upcoming roundtables.
http://www.detroitmi.gov/Programs/SmallBusinessDetroitMicroLoan/tabid/1252/Default.aspx
MICHIGAN SMALL BUSINESS & TECHNOLOGY DEVELOPMENT CENTER “MI-SBTDC”
The Michigan Small Business & Technology Development Center provides counseling, training, market research and advocacy for Michigan's new business ventures, existing small businesses, expanding new businesses, new technology companies, and innovators.
The MI-SBTDC is located at the Grand Valley State University Seidman College of Business in Grand Rapids, Mich. As host of the MI-SBTDC State Headquarters, the Seidman College of Business oversees the 12-region MI-SBTDC network, including a location in Detroit. Entrepreneurs and small business owners may access the services of their nearest MI-SBTDC by or visiting www.misbtdc.org.
SCORE
SCORE is America's premier source of free and confidential small business advice for entrepreneurs. It offers advice online and in-person at one of its 350 offices nationwide. SCORE's 13,000 volunteer mentors have more than 600 business skills. Volunteers are working or retired business owners, executives and corporate leaders who share their wisdom and lessons learned in business. There is a SCORE office in Metropolitan Detroit. Go to http://www.scoredetroit.org/ for more information.
DETROIT MICRO-ENTERPRISE LOAN FUND
The Detroit Micro-enterprise Loan Fund is a nonprofit corporation that provides support for small businesses in their initial stage of development. The fund provides loans anywhere from $1,000 to $10,000 for businesses located in Detroit, Highland Park, and Hamtramck. The interest rate on the loans is prime plus 4%. In addition to loans, the Fund provides peer support for small businesses as well as linkages to other small business support within the community. For more information, call 313.263.4032 or visit: www.detroitmicroenterprisefund.com
MICHIGAN INTERFAITH TRUST FUND SMALL BUSINESS LOANS
The Michigan Interfaith Trust Fund offers low interested loans to small businesses in the state of Michigan to promote community economic development. These businesses generally do not qualify for conventional bank loans. Some examples include: day care centers, florists, restaurants, cyber cafés, and lawn services. The loans may be used of a variety of purposes including acquisition, construction or renovation of buildings, inventory, cash flow to fun planned business expansion, pre-development costs, and to purchase land. To find out more information call Michigan Interfaith Trust Fund at 313.964.7300 or visit their website at www.interfaithtrust.org/
FAMILY TREE LOANS
Family Tree Loans is a group of financial, legal and title experts and licensed practioners. When an entrepreneur seeks a loan from family or friends to start a business, we facilitate the proper recommendations, documentation, underwriting assistance and recording of documents. We are facilitators, not lenders. You contact us when you decide to lend money to family or friends for their business endeavors, OR when you are determining whether to lend the money. For more information, visit www.FamilyTreeLoans.com
FAST TRAC
FastTrac is an award-winning, comprehensive package of entrepreneur-learning programs and materials that provides existing and aspiring entrepreneurs with key business insights and skills, leadership experiences, and valuable networking and mentoring opportunities needed to start, grow, and lead businesses. The program provides existing and aspiring entrepreneurs in non-academic environments. To find out more information call 313.879.5250 or visit their website at http://techtownwsu.org/category/fasttrac/
SMART START
SmartStart, TechTown's business development program, helps companies accelerate growth and manage issues like product development, marketing, funding and basic business operations for each company to maximize revenue growth and profitability. Clients work closely with TechTown staff and an array of business consultants and service providers to create and execute a detailed strategy for growth. For more information and an application, visit http://techtownwsu.org/business/smartstart.php
WAYNE COUNTY, URBAN LOAN FUND
The purpose of the Wayne County Revolving Loan Fund is to address the most critical financing gaps for small businesses in the County and to create jobs. The Revolving Loan Fund will target projects that promote development in distressed communities or the expansion of minority businesses. Eligible projects include: land and building acquisition; leasehold improvements; machinery and equipment; working capital in conjunction with one of the above; and projects that create or retain the Urban Loan Fund. The business applying for the loan must invest at least 10% of the project cost. For more information, call Joan Broffie at 313.224.0820..
WAYNE STATE UNIVERSITY CENTER FOR URBAN STUDIES
For a complete listing of all resources for small business assistance and financing request Detroit Small Business Handbook to Resources, call Center for Urban Studies, 313.577.2208, visit web site at www.cus.wayne.edu.
LEGAL AID SOCIETY
The Legal Aid and Defender Association, Inc. They are the largest provider of free legal services to the indigent in Michigan and one of the largest in the United States. Its mission is to provide comprehensive, aggressive legal advocacy and representation for residents of metropolitan Detroit. If you have a legal problem and:
- Live in Macomb, Oakland or Wayne counties, including the city of Detroit, and
- Have to be low- to moderate-income, then
- Call us toll-free at 877.964.4700.
They are committed to serving its clients in such a thorough and personal manner that they will be satisfied with our performance regardless of the outcomes of particular cases. www.ladadetroit.org/
ACCOUNTING AID SOCIETY
The Accounting Aid Society provides free income tax preparation services for low and middle income households in southeast Michigan. http://accountingaidsociety.org/
BIZDOM U
Bizdom is an entrepreneurship accelerator. They train, mentor and fund aspiring entrepreneurs to launch innovative, growth-oriented startups in Detroit: the Idea Generator and Launch Labs. http://www.bizdom.com/
FOUNDING OPTIONS
Crowdfunding - Crowdfunding is a way for like-minded people to support small businesses, artists and community events by giving money through the Internet with sites such as Kickstarter, IndieGoGo and Kiva. Here's how it works: Entrepreneurs start a campaign for their idea or product on a Crowdfunding website and post a fundraising goal. Potential contributors select projects that interest them and make a financial pledge of any amount. On most websites, donors only are charged if the project reaches the goal amount. Many Crowdfunding website operators take a commission on money raised, and contributors often receive a token like a T-shirt or sample of the future product.
Friends and relatives - Many entrepreneurs look to private sources such as friends and family when starting out in a business venture. Often, money is loaned interest free or at a low interest rate, which can be beneficial when getting started.
Banks and credit unions - The most common source of funding, banks and credit unions, will provide a loan if you can show that your business proposal is sound.
Venture capital firms - These firms help expanding companies grow in exchange for equity or partial ownership.
Michigan Center for Empowerment and Economic - http://www.miceed.org/.
Ø Michigan Telework Loan Fund - http://www.michiganloanfunds.org/melf/
Ø Special Loan Guaranty Programs 7(a) Program - http://www.sba.gov
Ø SBAExpress - http://www.sba.gov
