General Motors and Chrysler, as part of the deal for billions of bailout dollars they received, are required to show that they can be profitable. They need to deliver plans for cutting costs today, and then the Obama Administration has 6 weeks to review the plans and decide whether it deems them viable. If not, GM has to return its $13.4 billion, and/or Chrysler its $4 billion check. No state is watching more closely than Michigan, which has been among the hardest hit states by the recession.
To shed some light on how the plight of US automakers affects small businesses in Michigan, Small Business at CNNMoney profiled 8 businesses in the Detroit area. It isn;t all bed news. Some of the businesses have found ways to maintain success. Others have established plans to either reinvent themselves or leaned on other area businesses. Read their stories here.
Posted
02-17-2009 3:27 PM
by
Graham Griffith