State proposes micro-loans to help businesses in big cities

"As with small businesses, which according to the U.S. Small Business Administration consist of organizations with 500 or fewer employees, micro-businesses play a significant role in Michigan.

According to Michigan Local Initiatives Support Corporation, 87 percent of all businesses in Michigan are micro-businesses, 17 percent of all jobs are provided by micro-entrepreneurs, and there are a total of 750,369 micro-businesses in Michigan.

However, many face challenges, especially those owned by people of color in urban areas. Some of these challenges include lack of access to adequate equity and debt financing, to mentors and individuals with experience in managing businesses and to knowledge of growth sectors in the economy."


From The Detroit News: http://detnews.com/article/20110209/...#ixzz1DTBXiLlW


Interesting concept. What would you do with a loan of $35k?

Some of the businesses that are owned or managed by people of color are either too trendy in their products or inadequate in services. There are a few good black businesses but many in the city only cater to the hip hop crowd. I would find out what the community need and open a business with the 35k to be of service to it. I will open a business to serve and not to become rich.

^Well, right now, what's the majority demographic in the city? As that demographic changes, so will the businesses.

A few of the best businesses in the city that aren't catering to the "hip hop crowd" are black owned. But the race of the business owners matters less than having great businesses.

A Schnitzel Wagon. It sells pork, veal & chicken schnitzels, in the form of a sandwich as well as a stand-alone "proper" schnitzel. Sides are potato salad, red cabbage, cole slaw and of course fries.