Small business investing triples in Oakland County

Small businesses are thriving and investing in Oakland County, Oakland County Executive L. Brooks Patterson said Monday. 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, in Waterford. 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. Published: Wed, Apr 2, 2014

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