Small businesses are thriving and investing in Oakland County, Mich., Oakland County Executive L. Brooks Patterson said today. In 2013, existing small businesses and start-ups obtained triple the amount of loans and capital formation dollars from 2012 with the help of the Oakland County Business Center.
Banks approved $22,719,100 in traditional loans for established small businesses in 2013 through the Oakland County Business Center compared to $7,050,195 in 2012. In addition, The Oakland County Business Center assisted 19 start-up companies in acquiring $39,159,531 in capital formation in 2013. Contrast that to 2012 when 12 new starts accessed $13,669,878 in capital formation.
“Small businesses are the backbone of our economy. They are a bell-weather of things to come,” Patterson said. “When businesses start investing more, it’s a sign that they are confident about the future.”
These investments helped generate $42,644,162 in revenue for the businesses and created 226 jobs in 2013. The year before, they helped produce $11,330,801 in revenue and created 191 jobs.
Oakland County Business Center counselors offered 2,968 hours of assistance to small businesses and start-ups last year. It is located in the One Stop Shop on the first floor of the Executive Office Building, 2100 Pontiac Lake Road, Waterford, Mich. Start-ups or small businesses seeking to grow or invest in Oakland County may contact an Oakland County Business Center counselor at 248-858-0783, or click on AdvantageOakland.com.
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