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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.

Tuesday, 10/16/12
11:00 AM
Registration/Box Lunch
11:30 AM
Opening Remarks

Alicia Williams, Vice President, Federal Reserve Bank of Chicago
Dennis Koons, President and CEO, Michigan Bankers Association

12:00 PM
Session 1: Framing the Issues: Financial Infrastructure and Small Business Lending

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.

Maude Toussaint-Comeau, Federal Reserve Bank of Chicago
12:30 PM
Session 2a: Assessing the Scope of Opportunities: The Entrepreneurial Ecosystem in Detroit

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.

Lyke Thompson, Wayne State University
Olga Stella, Detroit Economic Growth Corporation
Wendy Lewis Jackson, Kresge Foundation
Paul Traub, Federal Reserve Bank Detroit Branch
1:30 PM
Session 2b: Assessing the Scope of Opportunities: The Entrepreneurial Ecosystem in Detroit

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.

Brian Balasia, Digerati
Gregory Terrell, Gregory Terrell & Company
Chinwe Onyeagoro, O-H Community Partners
Lydia Gutierrez, Hacienda Mexican Foods
William Testa, Federal Reserve Bank of Chicago
1:30 PM
2:45 PM
Session 3: Connecting Small Business Owners with Resources: An Overview of Local Practices

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.

Richard King, Small Business Technology and Development Center
Daryl Williams, Detroit Urban Entrepreneur Partnership
Gerald Moore, SBA Michigan
Dana Thompson, University of Michigan Law School
Cathy McClelland, McClelland and Associates
2:45 PM
4:15 PM
Session 4: The Small Business Lending Environment: Financial Institution Community Investment and Compliance

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.

Keith Leggett, American Bankers Association
Joseph Turk, Federal Reserve Bank of Chicago
Jeffery A Sugg, First Independence Bank
John Jagels, Talmer Bank and Trust
Howard Lax, Lipson Nielson Attorneys at Law
Michael V Berry, Federal Reserve Bank of Chicago
5:30 PM
Reception/Dinner at Federal Reserve Detroit Branch with Keynote

Keynote: U.S. Representative Gary Peters

Wednesday, 10/17/12
7:45 AM
Registration and Continental Breakfast
8:30 AM
Welcoming Remarks

New Economy Initiative

David Egner, President and CEO, Hudson-Webber Foundation and New Economy Initiative
8:45 AM
Session 5: Targeting Small Business Finance in the Context of Lower-Income Communities

Representatives from community-based financing organizations, banks and the government discuss connecting small business development to lower-income populations.

Drextel Amy, Liberty Bank
Louise Guyton, Comerica
Michelle Richards, Center for Empowerment and Economic Development
Paul Brown, Michigan Economic Development Corporation (MEDC)
Bruce Pietrykowski, University of Michigan Dearborn
8:45 AM
10:15 AM
Session 6: Leveraging Financial Resources for Small Business Financing

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.

David Egner, Hudson-Webber Foundation and New Economy Initiative
Teresa Lynch, Mass Economics LLC
Scott Wolffis, Huntington Bank
William Beardsley, Michigan Business Connection, a Credit Union Service Organization
Richmond Hawkins, New Detroit, Inc.
11:45 AM
Session 7: The Path Forward for Small Business Development and Financing in Detroit

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.

, Talmer Bank and Trust
Timothy Bates, Wayne State University
Susan Mosey, Woodward Corridor Initiative
Jeremiah Boyle, Federal Reserve Bank of Chicago
12:30 PM
Lunch and Keynote and Q&A
Michael Barr, University of Michigan Law School and former Assistant Secretary for Financial Institutions at the US Department of Treasury
12:30 PM

Download interactive agenda here.

12:30 PM



Last Updated: 11/09/2012

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