Developing Small Businesses and Leveraging Resources in Detroit
The Federal Reserve Bank of Chicago, the Michigan Bankers Association and the New Economy Initiative for Southeast Michigan held a symposium to address the issues of small business credit and financing in the city of Detroit. With the loss of manufacturing jobs in Detroit, some of Detroit's most prominent institutions have pursued an array of activities to attract and promote businesses and entrepreneurship. Foundations, universities, corporations and nonprofits are among the many entities that have embraced small business development as key to economic stabilization and growth.
At the symposium, bankers, funders, researchers, regulators and business owners debated the economic, financial and regulatory issues that affect the supply of and demand for bank credit for small businesses. Sessions focused on community investment and compliance obligations, local practices to assist small business owners, and the opportunities for leveraging bank and non-bank resources to finance small businesses. The symposium also featured a multi-year study conducted by staff of the Community Development and Policy Studies Department of the Federal Reserve Bank of Chicago on the changing financial landscape of the city of Detroit, focusing on credit demand and availability for small businesses.
Alicia Williams, Vice President, Federal Reserve Bank of Chicago
Dennis Koons, President and CEO, Michigan Bankers Association
Federal Reserve Bank of Chicago Community Development and Policy Studies staff presents the results of a study on the financial infrastructure and small business lending in Detroit. This presentation will motivate and frame the issues that are discussed during the symposium.
Urban economic development experts discuss their views of the entrepreneurial landscape in Detroit. They present an overview of the context of small business opportunity in the city and in the surrounding counties.
This panel continues the discussion of the “entrepreneurial ecosystem” from the perspective of small business owners. They give their perspectives on the conditions that affect opportunities for small businesses in the city and surrounding counties.
This panel brings together intermediaries that work with business owners to develop business plans and obtain financing. Panelists talk about the type of services they provide and their perspectives about how to increase the availability of financing for small businesses.
This panel addresses issues related to the opportunities and limits of financial institutions to play a role in Detroit small business development. Panelists give an overview of general trends in bank lending and the issues banks face in making small business loans.
Keynote: U.S. Representative Gary Peters
New Economy Initiative
Representatives from community-based financing organizations, banks and the government discuss connecting small business development to lower-income populations.
Larger funders and organizations that help coordinate financial resources to support business development in the city of Detroit discuss what they are doing to assist small businesses and identify opportunities to leverage resources most effectively.
Experts react to the symposium discussion, giving further thoughts on opportunities in specific neighborhoods, small business prospects, and bank support for small business development in Detroit.
Download interactive agenda here.
Last Updated: 11/09/2012