Financial Assistance Program Offered for Minority Small Business Owners

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DETROIT — New Detroit will host a one day financial technical assistance program on August 22 to help minority small business owners strengthen their working relationships with banks and other commercial lenders, expand their familiarity with the lending process and help accelerate their business.

The Minority Small Business Financial Technical Assistance program is open to minority businesses that have annual revenues of $1 million or less and have been in operation for five years or less. The one day workshop will be held  from 11 a.m. to 5 p.m. at SER Metro,  9301 Michigan Ave. in Detroit.

“As we have talked to new business owners, they have told us that they would like to strengthen their businesses and have the support needed to grow and enjoy long term sustainability said New Detroit President & CEO Shirley Stancato. “This program is designed to help them understand the loan process, how to best prepare for what lies ahead and take their small businesses to the next level.”

Presenters will include representatives from The Small Business Administration, Charter One Bank, Invest Detroit, The Detroit Development Fund, SCORE counselors, CEED, and CPA’s that specialize in small business.

Participants will learn skills such as how to use their financial statements and tax return information as effective forward planning tools. Tips will be offered on how owners can communicate more effectively with banks, credit unions, and other sources of capital when seeking loan approval.

There is no charge to attend the workshop, but registration is required. Interested business owners can register at www.newdetroit.org or call 313-664-2000. Registration closes at 5 p.m. August 20.

New Detroit Inc. is a coalition of leaders from civil rights and advocacy organizations, human services, health and community organizations, business, labor, foundations, education, media and clergy. It is a private, non-profit, tax-exempt organization.  New Detroit’s mission is to serve as the metropolitan Detroit leadership organization working to identify and eliminate racial disparities in the region by building economic equity, social justice and racial understanding.

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