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).
“Just learning about TechTown and Retail Boot Camp, to me, was just an eye-opener of just knowing the type of resources that we have available in the city.” Ariya’s Apparel & Accessories, a women’s boutique that opened in April in Grandmont Rosedale Workplace, specializes in modern, modest apparel for women ages 25 and up.
In January Fusion Flare Kitchen & Cocktails invited the community to celebrate their grand opening. Now, almost five months later, owner Mashelle Sykes says business is better than she could have ever imagined, but this success didn’t come without hurdles.
Design directly impacts the bottom line of the business, which directly connects to its ability to serve the community long-term. A business is rooted in its brand design, and each of the other design mediums speaks to each other – from the digital voice on social media, to the colors on the wall to the size of the table and the tabs on the website – to all directly to serve the customer. Which is why TechTown (has been or was) proud to collaborate with Design Core Detroit and its network of design professionals on creating the Design Guide for Neighborhood Business to help brick-and-mortar businesses, from pop-up to permanent, think about design for their business in an intentional way.