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.