> Warren Buffett Blog: Warren Buffett says Detroit ripe for investors, including himself

Tuesday, December 3, 2013

Warren Buffett says Detroit ripe for investors, including himself

The Oracle of Omaha said Wednesday he'd be willing to invest in Detroit if he found a suitable company.


Warren Buffett was on hand at a Goldman Sachs Group Inc. event to announce a program that will provide up to $15 million in loans to small business to spur economic development. An additional $5 million will go toward providing education and training to entrepreneurs, Goldman Sachs said in a statement.


“The resources are here to have a great, great city,” Buffett told the news conference, the Detroit Free Press reported.


Detroit, which declared bankruptcy in July, is reeling from the loss of tax revenue as the city's population has shrunk over several decades. The city's population is 701,000, down from its peak of 1.8 million in 1950.