Detroit Business Owners Not Worried About City's Bankruptcy

Despite the recent announcement by Detroit courts that the city is headed into bankruptcy, local businesses stand unafraid. According to loans.org, some even state that they welcome the positive change.

Los Angeles, CA (PRWEB) July 25, 2013

Amid the fury and concern over Detroit's recent bankruptcy filing, some local business owners stand unafraid. In fact, according to loans.org, some go as far as to say they welcome the positive change. In a recent loans.org article, local business owners and financial experts weighed in on where the city is headed in the wake of its recent financial announcement.

Dwight Zahringer, founder of TruReview, a business located in a Detroit suburb, said that he is not concerned about the bankruptcy filing because it signifies a point of closure that allows the city to “reset and move forward.”

The events leading up to the bankruptcy, over 20 years of issues which have intensified in the past five to 10 years, forced the city to hit rock bottom, Zahringer said.

He said it is similar to waiting on a sick family member in a retirement home to pass and end their suffering. Once that death or bankruptcy occurs, the city can move on.

Another local business owner, Vladimir Gendelman, founder and CEO of Company Folders, said that skepticism might harm businesses in the coming months, but, over the long-term, he expects the criticism to dwindle.

“Detroit will gain a lot of respect and credibility and, in retrospect, this bankruptcy will probably be the best thing that ever happened,” he said.

Although local businesses willingly accept the bankruptcy, other experts fear what will happen to available financing during the bankruptcy.

David Duffus, Partner of accounting firm ParenteBeard, wonders if credit will be accessible for the actual city itself and its businesses.

“Will the city of Detroit have access to credit? Will it be able to issue bonds and at what cost?” he questioned.

For more interviews with Detroit business owners and other financial experts, please read the article at http://loans.org/business/articles/seeing-smoke-commerce-detroit-bankruptcy.

Additional articles, interviews, news and frequently asked questions about the business loan industry are available at http://loans.org/business.

About loans.org:
loans.org is a leading lending authority website that covers financial news, produces informative articles, and answers frequently asked questions. In addition to providing lending-related information, loans.org also hosts a variety of free online application forms for prospective borrowers to use when applying for loans.

For more information, please contact:
Rebekah Coleman
Rebekah(at)loans(dot)org
(909) 784-2465
Source: loans.org

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