For Immediate Release
March 6, 2024
Contact: Eric Thomas, Invest Detroit eric.thomas@investdetroit.com
Chanel Stitt, Community Foundation and NEI chanel.stitt@cfsem.org
Invest Detroit and New Economy Initiative Name Frederick Paul II as Associate Director of Small Business Support Network Office
Frederick Paul II, Founder of sneaker exchange Fahrenheit 313, to help emerging Detroit entrepreneurs
DETROIT – As part of the partnership between Invest Detroit, New Economy Initiative (NEI), and the Community Foundation for Southeast Michigan, Frederick Paul II has been named as the next Business Support Network Office Associate Director to advance the partnership’s mission to strengthen an inclusive small business support network of nonprofit business support organizations (BSOs) in Wayne County.
A native Detroiter, Frederick Paul is the founder of Fahrenheit 313, Detroit’s Hottest Sneaker Exchange. Paul’s passion for footwear led him to establish Fahrenheit 313 as a purpose-driven business that not only celebrates sneaker culture but also gives back to Detroit through charitable initiatives. As the owner of a small business on Livernois in Detroit, Paul understands the unique challenges and opportunities that exist for budding entrepreneurs in Detroit and has dedicated much of his effort to helping others and making a positive impact in his hometown. Paul also brings professional experience as a project manager in the technology industry to the Network Office role.
“Frederick’s experience as a successful entrepreneur and community leader brings valuable perspective to the Network Office as we drive to make the network as effective and inclusive as possible. Put that together with his project management background, and he is uniquely qualified to advance our work to the next level” said Lily Hamburger, Director of the Business Support Network Office. “His commitment to service and passion for our community make him a valuable addition to the Invest Detroit team. I am thrilled about both the expertise and spirit he will bring.”
The Business Support Network Office’s Associate Director plays an integral role in strengthening the local small business ecosystem in a way that is equitable, inclusive, and impact driven. As Associate Director, Paul will lead many of the convening activities, data collection, and collaborations with the business support organizations that fill gaps for underserved business owners and provide opportunities for business growth at all stages. The Associate Director will also inform the grant fund created by the partnership by assisting the grant review process, communicating grant recommendations, and analyzing the performance of grantees of the business support network.
The partnership was created in 2021 with a $19.5M fund that provides small businesses with inclusive access to capital, practical assistance, information, and trusted connections to resources. The fund is a part of NEI’s focus on existing and new small businesses with fewer than 50 employees. Contributors include the Community Foundation for Southeast Michigan, The Gilbert Family Foundation, Ford Foundation, Hudson-Webber Foundation, The Kresge Foundation, Ralph C. Wilson, Jr. Foundation, William Davidson Foundation, and W.K. Kellogg Foundation.
Since its launch in 2021, the Business Support Network Office and NEI have awarded more than $12 million from the Inclusive Small Business Support Network Fund with the goal of helping underserved, and underrepresented entrepreneurs launch, grow, and scale their small businesses.
“I am excited about the opportunity of harnessing my diverse experiences to inspire and uplift aspiring entrepreneurs, hand in hand with the exceptional team at Invest Detroit and other esteemed Business Support Organizations. My commitment is rooted in the belief that through mentorship and collaboration, we can continue to foster an inclusive ecosystem where even those historically marginalized can flourish in realizing their entrepreneurial ambitions.”
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About Invest Detroit
Invest Detroit is a nonprofit lender, investor, and partner that supports business and real estate projects that will ignite economic growth in Detroit and the region. Their goal is to increase density and job opportunities in a way that is strategic and inclusive. Learn more at www.InvestDetroit.com.
About the New Economy Initiative
The New Economy Initiative is a philanthropic collaboration and initiative of the Community Foundation for Southeast Michigan that is working to build a regional network of support for entrepreneurs and small businesses. Its mission is to grow an inclusive culture of entrepreneurship in southeast Michigan that benefits all residents and strengthens the regional economy. Learn more at https://neweconomyinitiative.org/.
About the Community Foundation for Southeast Michigan
The Community Foundation for Southeast Michigan is a full-service philanthropic organization leading the way to positive change in our region. As a permanent community endowment built by gifts from thousands of individuals and organizations, the Foundation supports a wide variety of activities benefiting education, arts and culture, health, human services, community development, and civic affairs. Since its inception, the Foundation has distributed more than $1.3 billion through more than 80,000 grants to nonprofit organizations throughout Wayne, Oakland, Macomb, Monroe, Washtenaw, St. Clair, and Livingston counties. For more information, visit www.cfsem.org