Answered this Question in Quora.com
General question with a hint of trepidation about Detroit.
Let’s see this from your outside looking inward: why do you need a loan and will the geographic area of Detroit affect this reason.
Often as you look at the pros and cons of beginning a business, you think to yourself that you need a certain amount of dollars for a “budget” and to make money.
When you are thinking about your small business, think about “bootstrapping” before you put too much effort into thinking you need money to make money. “Bootstrapping” can be the use of your profits to buy equipment or other items needed for your business. Or, it can be the use of your “sweat equity” to build your business and start making a profit. “Sweat equity” is the process of using your time and talents to make money.
Creating a business and growing a business is usually a “slow but sure” process. Of the millions of people who do this, we see and hear the “get rich quicker” infomercials on Facebook and other Social Media. The but is, most businesses are successful after long term effort. As Tony Robbins would put it “massive effort”.
Certainly there is a place and time where a loan will help you to get to a higher level of efficiency, better marketing, and higher sales. However, the first step is to create a strong and lasting base of support for what you are doing. Take the time to learn everything you can about the business you have chosen, marketing, production, service and sales before you start looking for your first loan.
Now, all the above being said, if you are in the process of doing business and learning more every day about your business, then come back and give us some facts about your business and we will help you to sought out the question of your first business loan.
PS. In your business life and your personal life, Detroit is a state of mind not a city in the United States.