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—As you may have heard, the financier Warren Buffett was in town today with Goldman Sachs CEO Lloyd Blankfein to announce that Detroit will be the latest city to join the 10,000 Small Businesses initiative. The idea behind the plan is to make capital available to existing small businesses that meet eligibility requirements—they must have at least two employees and make at least $100,000 in annual revenue, for instance—after they participate in a business education curriculum designed by Babson College.
When Buffett was answering reporter questions at the press conference announcing the plan today, he showed unbridled enthusiasm for Detroit and was practically gushing about the newly resurgent domestic auto industry, calling it a “big, big industry that has come back in a big way.”
Buffett believes Detroit has the resources in terms of history, culture, businesses, and talent to get back on its feet. “I have a real love of the city and I see the potential here,” he added. “The United States with a flourishing Detroit is better than the U.S. without it.”
