21 Apr Local Spotlight: Detroit Business Update
Detroit businesses have a reason to be excited. The Michigan economy continues to rebound, and efforts are underway to strengthen the Detroit business community. From small business grants and auto industry jobs initiatives, to new apartment complexes and transportation infrastructure, Detroit is taking major steps to attract and retain both small businesses and large corporations. These efforts promise to produce jobs, fuel the economy and instill confidence and pride in local residents.
Here are just a few examples of why Detroit business owners are smiling.
- The New Economy Initiative announced the creation of “NEIdeas: Rewarding Ideas for Business Growth.” This small business program will award $500,000 to 32 companies that have been open for at least three years in Detroit, Hamtramck or Highland Park. 30 applicants that gross less than $1 million per year will receive a cash award for $10,000, and two applicants that gross between $1 million and $5 million will receive $100,000.
- The Downtown Development Authority approved two separate apartment projects – the first in Detroit’s business district in more than 20 years. The Roxbury Group’s development, called The Griswold, will be a five-story, 80-unit complex next to the Westin Book Cadillac Hotel on Michigan Avenue. Village Green Holdings LLC will create Statler City, which will include 200-250 units at the former Statler Hotel location between Washington Boulevard and Park Avenue.
- The Michigan Strategic Fund board approved millions of dollars in loans and aid for a number of major projects. This includes a $10 million loan for Detroit’s M1 Rail streetcar project, which will create at least 41 jobs and provide much needed public transportation; $6 million to demolish Joe Louis Arena as plans for a new arena in the Lower Cass Corridor move forward; and a $3.2 million grant for the creation of 200 new jobs at BorgWarner’s Powertrain Technical Center.
- The state of Michigan is planning to unveil a 30-year strategic plan to attract and retain jobs in the automotive and manufacturing industries. These 21st century jobs include engineering and design, software and coding, systems integration and skilled trades.
Detroit has also become a popular home for “pop-up shops”. As revitalization efforts continue to generate energy and enthusiasm, entrepreneurs are using empty facilities to test new businesses on a temporary basis. This has enabled business owners to fine tune their business models, try different approaches to marketing and improve their chances for success.
Global Office Solutions is proud to provide office supplies to Detroit businesses during this exciting time. Whether you have an established business or a promising startup, please contact us to supply you with business solutions, including office supplies, office furniture, coffee, printers, copiers & more that keep your business moving forward.