Techtown Finding New Ways To Infuse Money, Expertise Into Small Businesses

DETROIT (WWJ) - Several dozen Detroit business leaders were at the White House this week for an economic roundtable.

Most of the discussion focused on challenges and opportunities in the revitalization of southeastern Michigan.

Techtown CEO Leslie Smith was part of the economic roundtable discussions.

In an interview on WWJ Saturday, Smith said Detroit may be known for making cars, but it's making big moves in the high-tech world as well.

"Probably the most interesting were around micro-lending, and creative ways that we can find to get money out to small businesses. So, the SBA and  folks here locally, including Morgan Stanley and others were really engaged in ways to create funds for small businesses that don't have all of the red tape and hoops of traditional bank lending," said Smith.

"I think a high-tech world really aligns very uniquely with the automotive industry and innovation around manufacturing and the way we make cars in the city,  is going to spur a whole bunch of economic growth in new start-ups and existing companies that can innovate around car making," Smith said.

Techtown is an urban research and technology business park in Detroit that supports entrepreneurship.