Business & Tech

Small Business Investments Triple in Oakland County

When small businesses start investing more, it's a sign they are confident about the future, County Executive L. Brooks Patterson says.

Oakland County continues to be on the economic mend.

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. County Executive L. Brooks Patterson said in a news release.

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 $42,644,162 in capital formation in 2013. Contrast that to 2012 when 12 new starts accessed $13,669,878 in capital formation.

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.

“Small businesses are the backbone of our economy. They are a bellwether 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.

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.

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.

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.



Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.

We’ve removed the ability to reply as we work to make improvements. Learn more here

More from Farmington-Farmington Hills