$800,000 Grant To Bring Business To Three Detroit Neighborhoods
October 4th, 2013, 2:40 PM
TechTown's SWOT City program has received an $800,000 grant to expand their entrepreneurial training program in Detroit.
TechTown, a coalition of businesses in Detroit's New Center neighborhood, launched SWOT last year to promote businesses in the Brightmoor neighborhood on Detroit's west side. This grant will expand SWOT City to include new neighborhoods -- the East Jefferson Corridor, Grandmont Rosedale and Osborn.
According the Michipreneur:
In one year the program created 8.5 new jobs, retained 81 jobs, and launched two new business with 12 more in the pipeline.
The grant from the U.S. Department of Health and Human Services for Community Economic Development will help businesses remain solvent in neighborhoods where most banks won't consider business loans for entrepreneurs.
"Banks aren't making loans in neighborhoods like Brightmoor. Not yet. I mean, we've talked to the local banks and what we've said is 'We'll get these businesses ready to be borrowers of your bank in three to five years.'" says Leslie Smith, President and CEO of TechTown, in the video below.