Breana Noble The Detroit News Published 4:13 PM EDT May 10, 2019 Detroit — American Axle & Manufacturing Holdings Inc. will fund $5 million to support subsidies for small businesses to open up shop in the neighborhood bordering Hamtramck to the north. The investment announced Friday by the company and city of Detroit is part of a previously announced $35 million commitment to the city's Strategic Neighborhood Fund by seven companies led by Chemical Bank chairman Gary Torgow to extend the revitalization of Detroit's downtown and Midtown into the neighborhoods. American Axle's contribution to the neighborhood fund and Affordable Housing Leverage Fund will support the Campau/Banglatown neighborhood that includes East Davison Village. "I jumped at the chance to help with the rebirth and revitalization of the Detroit neighborhoods because that's how this city gets fixed," David Dauch, CEO of the automotive supplier with headquarters bordering the … [Read more...] about American Axle to fund $5M in small business subsidies in Detroit
Banking needs for small business
Nguyễn Duy Hưng, CEO of SSI Securities Corporation. — Photo Vietnam Finance HÀ NỘI — Transparency and quality of information disclosure are the main concerns for market members, public companies and auditors to lure a larger amount of capital in 2019, business executives have said. Nguyễn Duy Hưng, CEO of SSI Securities Corporation, said that the securities market should be the most important fund-raising passage for local companies. However, still weighing on the confidence of both domestic and foreign investors in local firms were the transparency and quality of information disclosure, which had not been ensured, Hưng told a meeting held by the State Securities Commission on Friday. “We need to build the securities market and turn it into a channel, helping local firms attract capital investment. But key issues are market transparency and confidence.” According to Hưng, the total amount of equity capital among … [Read more...] about Transparency needed for securities market in 2019
Louis Aguilar The Detroit News Published 2:59 PM EST Feb 19, 2019 Detroit — Ponyride, the small-business incubator that's helped foster dozens of entrepreneurs and artists, has sold its Corktown building for $3.3 million and will keep the nonprofit going in the nearby Core City neighborhood. The current Ponyride building at 1401 Vermont was purchased by local developer Marc Nassif who plans to renovate the the 30,000-square-foot building and charge market rents for the space, said Phil Cooley. Cooley co-founded the Ponyride organization. In 2011, Cooley bought the current Ponyride building in a bank foreclosure for $100,000. He and his wife Kate Bordine, another co-founder, put in hundreds of hours to fix up the building. The idea of the nonprofit is to offer low-cost rent to enable artists, budding entrepreneurs and others a chance to develop their ideas. Some have graduated and moved into commercial retail spaces, such … [Read more...] about Small-business incubator Ponyride sells Corktown building for $3.3M.
Breana Noble The Detroit News Published 3:22 PM EST Jan 22, 2019 Detroit — Mayor Mike Duggan said Tuesday the city is putting together a proposal it hopes to release in the coming months to fund universal preschool as it looks to invigorate its outer neighborhoods. "We can fix all the houses we want and incentivize all the businesses we want," Duggan said at a Detroit Economic Club meeting. "But if our children aren't learning in the schools, this city is going to be terribly hampered." As new buildings rise and old ones get new life in Detroit's downtown, Midtown and Corktown, many have left wondering when that revitalization is coming to the city's outer neighborhoods. Efforts already are being made through initiatives such as the Strategic Neighborhood Fund, Duggan said. Before the end of the year, the fund is looking to raise more than $100 million from corporate and philanthropic partners to help spur additional investment and physical change in 10 neighborhood … [Read more...] about Duggan: Universal preschool needed for Detroit neighborhood growth
Carol Cain Free Press Business Columnist Published 5:00 AM EST Nov 17, 2018 Starting a business isn’t for the faint of heart, with statistics showing that nearly 80 percent fail within five years. When starting or growing your business, it can help to have a fresh set of eyes from someone who has been there and done that to guide you along to avoid pitfalls or work through a problem. That’s how SCORE was born. SCORE is a national nonprofit association that has provided guidance, mentoring and more to millions of aspiring entrepreneurs since 1964. It’s the largest network of volunteer mentors in the country. SCORE’s Detroit chapter has been a shining star. The local organization is made up of 70 volunteer business experts who helped 395 businesses in Detroit in 2017. Now, SCORE Detroit has won a $330,000 three-year grant from the William Davidson Foundation to work with SCORE’s Ann Arbor and … [Read more...] about SCORE, which helps small businesses, lands a big grant