Just weeks ago, Detroit successfully hosted the NFL Draft where approximately three-quarters of a million people flooded Motown’s downtown streets. According to reports, businesses did see a big boost in sales. Downtown Detroit business owners and heads of business associations shared a common sentiment: The draft was a positive for the city and its reputation.
Meghan Storey, Senior Vice President and Michigan Director of Small Business for Comerica Bank, explains that nearly “every small business owner or business owner that I spoke to said that they exceeded their expectations of sales from that week. And that could not be done without all the hard work and effort that has been taken years and years for these entrepreneurs to do.”
“Detroit is one of the most entrepreneurial cities in America,” Storey adds, “Almost anyone you can talk to has got some kind of connection to a business owner—whether it’s a family member, whether it’s a close friend, whether it’s a sibling, whether it’s their own child. So, we have this feature of us to be successful and help others succeed. And that is something that we do better that I think any other major metropolitan city in the United States.”
Additionally, Detroiters are becoming more apt to seek out small business and spend with them.
“I think there has been a complete, resurgence, you know, when you hear about all the things that are happening in and around the city–as well as the true combination of the sweat efforts that small businesses are put into making that connectivity. You just drive in and around the city of Detroit, you’ll see businesses opening with a fire and energy.”
Storey adds, “We’re going into spring, and we’re seeing more people. But they are also spending their hard-earned dollars at local businesses rather than some of the retail stores or the large corporations that they previously had. I mean, you can see it everywhere in the city, you can see smiles on their faces.”
These are many reasons are why Storey notes that it is important for Comerica Bank to support their small business customers.
During Small Business Week, Storey stopped Louisiana Creole Gumbo, which was among several businesses that Comerica’s small business banking team checked in on during their “Feet on the Street” initiative.
Margerine and Joe Stafford founded the restaurant that specializes in southern quick-serve cuisine. After many years, the Stafford’s brought on three new faces to take over their mantle, and under their skillful guidance—Doug Morison, Joe Spencer and Charles Martin—continued to grow the business.
Louisiana Creole Gumbo is nearing the opening of a new, lavish location.
Spencer offered perspectives on how Comerica Bank has been instrumental in their growth and development. “We’ve been a longtime customer of Comerica–and I find that the staff at the bank had been very helpful to me specifically in terms of building my business creditworthiness and securing lines of credit that has helped us in our growth process.”
Spencer commends Comerica Vice President and Small Business Relationship Manager Joseph.
“He’s been very instrumental in talking to me about developing my business credit, credit worthiness, and showed me how to apply and get and get lines of credit in the bank. And, just very helpful,” said Spencer.
Spencer received funds for his expansion to open a new dine-in experience in the next six months through the Detroit Economic Growth Corporation and the Investor Trust Fund and lines of credit from Comerica Bank have been instrumental.
Spencer notes that he is observing that consumers are finding new and different ways to spend their money to feed themselves–including third-party apps. However, he believes that the original concept and food that cannot be recreated at home that will continue to keep this business which has been open for more than 53 years…thriving.
Listening is vital for customers to succeed adds Storey.
“Listen to your advisers, your bankers, your wealth managers, your lawyers. But also listen to your family and friends, because in the end they will always tell you the truth.”
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