Detroit

73
  • Number of Businesses: 7,817
  • Number of Small Business Advances: 3,561
  • Yearly Small Business Revenue: $41,606,852
  • Two-Year Survival Rate: 61%

Known by many nicknames – Motown, the Motor City – and home of the acclaimed Red Wings hockey team, Detroit, Michigan has seen its share of businesses and industries over the years, many of them started by small business owners just like you.

  • Detroit is home to 7,817 unique small businesses
  • Out of those, 3,561 took out small business loans
  • The yearly total small business revenue in Detroit is $41,606,852 (as of 2007)
  • Roughly 39% of Detroit small businesses will close within two years of opening

As one of the largest cities in Michigan, Detroit is home to over 7,800 small businesses generating a yearly revenue of nearly $42,000,000, including a variety of industries ranging from retail and manufacturing to healthcare and social assistance. But every small business needs financial assistance sometimes, and in 2012 there were 3,561 small business loans issued to local Detroit businesses. The capital gained from these loans was used to pay for vital needs like equipment & inventory, as well as special projects like expansion. Small business financing is Credibly’s specialty. Our selection of fast, easy, and flexible Detroit small business loan options get your small business the money you need right when you need it.

Credibly in Detroit

Detroit is a thriving and dynamic town, friendly to small businesses and poised for a big comeback on a national scale. But no matter if you’re in Detroit, Michigan, or anywhere in the US, all businesses need a strong source of working capital to get by. When it comes to small business loans, financing, and merchant cash advances, Credibly does it better – and faster – than anyone. If you need some extra cash for your business, contact Credibly today.

The Credibly Business Index

The Credibly Business Index is a scoring system that ranks how sustainable a region is for small businesses. We consider several factors, such as number of businesses in the city, overall business revenue, and two-year business survival rates as reported by the U.S. Small Business Administration.

The Credibly Business Index score given to Detroit is 73 out of a possible 100. This score is generated from data derived from the U.S. Small Business Administration and the United States Census Bureau as of June, 2015, and is subject to change. This Business Loan and Revenue Index is intended for informational purposes only, and may not be applicable to, or predictive of, your particular circumstances.

SOURCES:
U.S. Small Business Administration 2013 Small Business Profiles for States and Territories
United States Census Bureau 2007 Economic Census of the United States