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A down-on-its-luck Motor City has huge potential for a rebound and can bounce back as the auto industry did a few years ago, legendary investor Warren Buffett said Tuesday.

Buffett was here to help bring $20 million in loans, education and mentor programs to Michigan small businesses in a $500 million national Goldman Sachs initiative that aims to help entrepreneurs grow jobs and revenues.

"The resources are here to have a great, great city," he said at a news conference to mark the inclusion of Detroit as the 11th city in Goldman's 10,000 Small Businesses program.

The 83-year-old chief executive of Berkshire Hathaway and co-chairman of the advisory board for the Goldman program called the city an underutilized resource, which creates a great growth possibilities. He's so enthusiastic that he said he's ready to invest his own money if he finds a suitable company.

"I have a real love for the city, and the potential is huge," he said. "The United States with a flourishing Detroit is going to be a lot better than without one."

The message: Detroit's past industrial greatness is the base upon which a new generation of entrepreneurs can build a new economy.

"With practical business education and capital, small-business owners in Detroit have a much better chance of growing their businesses and contributing to the economic recovery of the city," said Lloyd Blankfein, Goldman Sachs chief executive.

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