Seeds for Growth event aims to restore trust in the lending process and empower Detroit small businesses to access capital
A local event aims to help Detroit entrepreneurs sow seeds for future financial success. Detroit Means Business will host “Small Business Seeds for Growth” on September 19 at The Jam Handy in Detroit. The event, sponsored by Huntington National Bank, aims to connect under-resourced, Detroit-based small businesses to capital by removing barriers to access.
According to research from the Federal Reserve, fewer than one-third of small-business owners who sought traditional financing last year received all the funding they wanted. One barrier to financing, particularly among minority entrepreneurs, is a mistrust of financial institutions. However, organizers believe education about available lending options and transparency into the lending process can help borrowers overcome impediments to financing.
“One of the reasons some small businesses struggle to grow and thrive is because they lack access to capital. This event is designed to demystify the lending process for participants to build their financial knowledge and help them remain the backbone of our communities,” said Kevin Johnson, president and CEO of the Detroit Economic Growth Corporation, a supporting partner of Detroit Means Business.
Attendees will have access to traditional and nontraditional lenders to build relationships and learn about funding options and support services available for their specific needs. Financial roundtables will educate participants on how to avoid pitfalls in the lending process and identify loan products that align with the growth trajectory of their business. One-on-one lending and technical assistance will be available for attendees to improve their financial readiness. They will also be able to secure up to $1,000 in funding as part of a random drawing.
Small Business Seeds for Growth is an extension of Huntington Bank’s Lift Local Business program that is designed to support minority, women and veteran–owned small businesses. The program offers loans, business planning support, and other services to help small business owners achieve their goals. In 2021, the financial institution committed to investing $1 billion in the Detroit region to increase capital for historically disadvantaged and financially challenged communities.
“Huntington recognizes the importance of small businesses to our communities, and that is why we invest in resources and programs to help business owners turn their dreams into reality,” said LaTrice McClendon, Detroit community president, Huntington Bank. “We take great pride in serving our small business community to help drive meaningful change and bring relief, recovery and growth to businesses.”
Business owners interested in registering can apply at https://www.detroitmeansbusiness.org/seedsforgrowth.
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About Detroit Economic Growth Corporation:
The Detroit Economic Growth Corporation is the City’s economic development catalyst. Our team is creating transformational opportunities for residents, local businesses and new investors – right here in Detroit. DEGC’s mission is to design and implement innovative solutions that attract investment, create jobs and advanced Detroit’s economy for all residents. We are dedicated to inclusive economic development and we take this responsibility to heart. With a team that is diverse and representative of the communities we serve, DEGC is working to reduce the inequality that can be barriers to economic opportunity.