SBAM in the News
April 23, 2009
The Detroit News published an article on April 20 called “Risky business: Metro area entrepreneurs launch start-ups despite tough economy.”
Many entrepreneurs are digging into their savings, borrowing money from friends and family or teaming up with investors to start businesses. Auto workers who got hefty buyout checks are using those in combination with other forms of capital.
“The economy really stinks,” said Mike Rogers, vice president of communications for the Small Business Association of Michigan. On the other hand, there’s less competition. “If you can get credit, it’s inexpensive right now. If someone has the drive to live their dream and be their own boss, they’re not going to let the economy stop them.”