Crain’s Detroit Business: NEIdeas awards $260,000 to small businesses

By Anisa Jibrell, Crain’s Detroit Business

Small business in Detroit, Hamtramck and Highland Park are getting a $260,000 boost from the New Economy Initiative through its NEIdeas grant program.

Launched in 2014, the NEIdeas Small Business Challenge targets businesses in southeast Detroit that are at least 3 years old.

Each of the 26 businesses that were selected will receive $10,000 and be recognized at an awards ceremony Thursday evening at the Fisher Building in Detroit.

This year, 77 percent of the winners are minority-owned businesses, while 65 percent are women-owned businesses, NEI said in a news release.

Through the challenge, businesses are asked to share their ideas for growth for a chance to win money and bring those ideas into a marketable form.

“Though they might lack capital and connections to resources, neighborhood small businesses have no shortage of great ideas for growth,” said Pam Lewis, NEI’s director, said in the release. “The NEIdeas challenge accomplished what we set out to do — connecting been-up businesses to a network of support that can help them realize their ambitions and thrive. We’re thrilled to honor another group of neighborhood entrepreneurs and businesses who mean so much to their communities.”

This is an excerpt taken from Crain’s Detroit Business. Please click here to read the full article.