Investment in Oakland County startups, small businesses triples, report says

Posted on April 1, 2014

Startups and existing small businesses in Oakland County obtained more than triple the amount of loans and capital formation dollars last year compared with 2012, according to a report released today by the Oakland County Business Center.

In 2013, banks approved $22.7 million in traditional loans for established small businesses through the business center, compared with $7 million in 2012. The business center helped 19 startups acquire $39.2 million in capital last year; in 2012 the center helped 12 startups acquire $13.7 million, according to a news release.

Those investments contributed to generating $42.6 million in revenue for business and creating 226 jobs in 2013, up from $11.3 in revenue and 191 jobs the previous year.

The Oakland County Business Center, also referred to as the “One Stop Shop,” is inside the county’s Executive Office Building in Waterford Township.

Counselors at the business center offered 2,968 hours of assistance to small businesses and startups last year, according to the news release.