Thursday, February 10, 2011

Will micro-businesses save Detroit?

Dana Thompson, a clinical professor at the law school, has an article in the Detroit News today supporting Governor Snyder's proposed Office of Urban Initiatives. She also has some ideas about how this department should be utilized, namely to facilitate the growth of Detroit micro-businesses, which employ five or fewer workers.

Thompson suggests that Snyder's new office focus on the issues facing prospective urban business owners, particularly people of color. These issues include "lack of access to adequate equity and debt financing, to mentors and individuals with experience in managing businesses and to knowledge of growth sectors in the economy." She concludes:
To have a prosperous Michigan we must have a prosperous Detroit, and linking Snyder's proposed Office of Urban Initiatives with a program that develops urban micro-businesses provides hope for a prosperous future for all Michigan citizens.

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