Warren has worked for some of the largest national and regional financial institutions, including E*TRADE Bank, Charter One Bank, Standard Federal Bank and NBD Bank, holding positions in Regulatory Affairs, Compliance, Community Reinvestment, Community Development, Personal and Mortgage Lending, Investments, Small Business Lending, and Retail Branch Operations. He is also the principal of two consulting firms, Warren Galloway and Associates, LLC and HR Talent Group, as well as an Adjunct Professor of Business at Baker College. Warren is a certified SCUBA diver and has been in the Detroit River!

Headshot of Warren Galloway

How to identify the right Microloan for your business

Most people believe that when you apply for a microloan the “one fits all” concept will be the norm. With microlending, this is not true. Microlenders lend up to $50,000 with slightly higher interest rates than bank loans; however, they have a much more flexible underwriting criterion. Are microlenders lending in Detroit? Absolutely. They are providing access to much-needed capital for entrepreneurs throughout the city. Microlenders usually will lend to entrepreneurs if they don’t qualify for traditional small business loans, but what we are seeing in Detroit is that microlenders and traditional lenders are partnering on loan deals with entrepreneurs. Community lenders are filling in the lending gap between microlenders and traditional lenders (i.e. Detroit Development Fund, Invest Detroit and other similar lenders).