The city of Detroit has seen a resurgence in recent years, but small businesses are still facing a number of challenges that have been compounded by the pandemic. In 2023, the effects of the pandemic are still being felt, and small businesses are struggling to stay afloat.

The biggest issue facing small businesses in Detroit is access to capital. The pandemic has put a strain on businesses’ finances and many are having difficulty accessing the funds they need to stay afloat. This is especially true for minority-owned businesses, which are often overlooked by traditional lenders.

In addition to access to capital, small businesses are also struggling with the rising cost of doing business in Detroit. The cost of living and doing business in the city has risen significantly due to gentrification, and many small businesses are unable to afford the increasing costs. This is forcing them to close their doors or move out of the city.

Another major issue facing small businesses in Detroit is the lack of resources and support. With the pandemic, many resources that small businesses rely on have been reduced or eliminated altogether. This includes grants, loans, and other forms of assistance. Many small businesses are also struggling to find qualified staff in an increasingly competitive environment.

Finally, small businesses in Detroit must also contend with the ever-changing regulations and policies that can limit their ability to grow and thrive. These restrictions can make it difficult for small businesses to take advantage of new opportunities or remain competitive in the market.

These issues are having a devastating impact on the small business community in Detroit, but there are steps that can be taken to address them. Access to capital, resources, and support must be improved, and regulations must be tailored to the needs of small businesses. With the right policies in place, Detroit’s small businesses can thrive and contribute to the city’s growth and prosperity.