FOR IMMEDIATE RELEASE | November 18, 2024
DETROIT – Today, the New Economy Initiative (NEI) announced over $2.9 million in grants to organizations who contribute to the launching, growing, and scaling of small businesses and entrepreneurs. The Fall 2024 grant cycle includes 25 grants to organizations who support businesses in Wayne County.
As small businesses and entrepreneurs continue to face challenges – such as high costs for supplies and construction – our grantees have been working to ensure that they have an inclusive support system to help them succeed.
“This round of grantees continue to support the vital resources and services that these organizations have been able to provide, such as tangible materials, workshops and events, and access to capital,” said Wafa Dinaro, executive director of the New Economy Initiative. “Through collaborations, grantees have created new resources, including procurement and lender guides – which help entrepreneurs navigate processes easier – and the Small Business Success Summit. These efforts are leading to a larger impact on small businesses and entrepreneurs.”
Highlights from this grant cycle include:
Paving the way for more collaboration
Our grantees who support Southwest Detroit’s small businesses have been collaborating through the gathering of bilingual service providers who work with Latinx and Spanish-speaking entrepreneurs. The Southwest Detroit Business Association, Detroit Hispanic Development Corporation, Accounting Aid Society, Michigan Women Forward, and TechTown Detroit recently partnered to host Latin-X-Tech honoring Hispanic Heritage Month.
Other collaborations include:
- The SDBA is working with DHDC to support micro retail tenants in its new La Joya Gardens development, which is launching online later this year.
- ProsperUs Detroit supporting BasBlue’s food entrepreneurs with technical assistance and capital. ProsperUs Detroit also offered an interest buy-down program.
- Community Development Organizations are also leading in collaboration with organizations like Jefferson East, Inc. and Grandmont Rosedale Development Corporation offering Detroit Neighborhood Entrepreneurs Project Community Tech Worker programs, which provides direct tech support and digital empowerment to neighborhood business owners.
- Other trusted connectors like Eastside Community Network, SDBA, Live6 Alliance, Osborn Neighborhood Alliance, and E. Warren Development Corp bring in lenders, like Detroit Development Fund and Michigan Women Forward, and technical assistance providers, like Accounting Aid Society, to provide workshops and office hours around access to capital and marketing.
- Design Core Detroit provided direct grants to designers to help improve their sales through digital marketing.
The Michigan Economic Development Corporation has also launched Hubs across the state, with some of our partners collaborating and leading, such as TechTown Detroit, ProsperUs Detroit, Eastern Market, Build Institute, Detroit Means Business, and the Detroit Economic Growth Corporation.
Fall 2024 grants have been distributed to the following organizations:
- ACCESS
- Accounting Aid Society
- Arab American Women’s Business Council
- BasBlue
- Build Institute
- Central Detroit Christian Development Corp
- Design Core Detroit
- Detroit Community Wealth Fund
- Detroit Development Fund
- Detroit Hispanic Development Corporation
- Eastern Market
- Global Detroit
- Grandmont Rosedale Development Corp
- Jefferson East
- Live6 Alliance
- LTU / Centrepolis Accelerator
- Michigan Women Forward
- Midtown Detroit, Inc.
- Osborn Neighborhood Alliance
- ProsperUs Detroit
- SCORE
- Southwest Detroit Business Association
- TechTown Detroit
- UM Detroit Neighborhood Entrepreneurs Project
- Zaman International
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. Since 2009, NEI has awarded 750 grants totaling $145.4 million assisting 29,699 companies in the ecosystem. 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 $1.4 billion through more than 91,000 grants to nonprofit organizations throughout Wayne, Oakland, Macomb, Monroe, Washtenaw, St. Clair, and Livingston counties. For more information, visit www.cfsem.org.
Contact: Chanel Stitt
chanel.stitt@cfsem.org