DETROIT – Today, the New Economy Initiative (NEI) announced over $2.6 million in grants to continue driving inclusive small business growth in Southeast Michigan. The latest round of grants includes funding to help increase collaboration efforts, support a new grantee and launch and continue programs.
“We are proud of the work that our grantees have done to help us build more inclusive small business opportunities, but there is still more work to do,” said Wafa Dinaro, executive director of the New Economy Initiative. “With support, from NEI and others, our grantees are working hard to provide education and training focused on addressing pressing needs of small and emerging businesses.”
This funding is part of collaborative effort of funders to support small business growth in Wayne County. Grants will support business programming, access to capital, technical assistance, resource production, and connections.
Highlights include:
Supporting a strategic partnership and enhancing collaboration
A second grant has been made to the Business Support Network Office, a partnership between Invest Detroit and NEI, which continues to lead our hands-on work in the small business ecosystem.
The Business Support Network Office convenes the Neighborhood Business Initiative (NBI) Worktable. The NBI Worktable has brought several grantees and collaborators to one space, creating new partnerships and creative sharing of resources and expertise. Organizations like the Detroit Regional LGBT Chamber and the Great Lakes Women’s Business Council have both attributed their participation in the NBI Worktable and other ecosystem building engagements with contributing to their ability to serve more small businesses.
Dearborn-based APEX Accelerator is a new grantee
A new grant to MoveAmerica was made to support the Dearborn-based APEX Accelerator, which launched last fall, specifically to focus on assisting small businesses with navigating the procurement process of the federal government, the largest purchaser of goods and services in the country.
“We are thankful for the support of the New Economy Initiative, and excited to collaborate with the small business ecosystem.” said Ahmad Ramadan, executive director of the MoveAmerica Apex Accelerator. “The NEI contribution is an integral component of MoveAmerica’s outreach strategy in engaging and supporting underrepresented communities in the Dearborn, Michigan area. The funds will be utilized for contractual assistance, such as marketing and communications, and program development and delivery.”
The MoveAmerica APEX Accelerator located in Dearborn, offers a comprehensive range of services designed to support small businesses in government contracting and business development. Key services include assistance with SAM.gov registration, bid and proposal support, certification support for minority-owned, women-owned, and HUBZone businesses, and creating capability statements. Through counseling, mentorship, and specialized training and workshops, the APEX Accelerator helps businesses navigate federal contracting regulations, identify opportunities, and develop effective strategies.
Organizational expansion on the rise
Several grantees in this cohort are newer, yet have a large footprint in the small business network. Some partners are expanding their reach, such as Black Leaders Detroit adding a specific loan program focused on developers and contractors to their portfolio; the Michigan Black Business Alliance becoming a statewide organization and receiving grant funding for a new program focused on small businesses in the hospitality industry; and the Michigan Hispanic Fund, who will expand its geography in this grant cycle.
The summer round of grantees include:
- Black Leaders Detroit
- BuyDetroit of the Detroit Economic Growth Corporation
- Detroit Regional LGBT Chamber of Commerce
- Eastside Community Network
- E. Warren Development Corp.
- Endeavor Great Lakes
- Fair Food Network to support the Michigan Good Food Fund
- Grace in Action Collective
- Great Lakes Women’s Business Council
- Industrial Sewing and Innovation Center
- Invest Detroit
- MI-Hispanic Fund of the Michigan Hispanic Chamber of Commerce
- Michigan Black Business Alliance
- Michigan Small Business Development Center
- MoveAmerica to support the Dearborn APEX Accelerator
- University of Michigan’s Detroit Neighborhood Entrepreneurship Project
NEI continues to expand our efforts in supporting small businesses and entrepreneurs as we work to build a more inclusive regional network of resources.
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 725 grants totaling $142.5 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 $1.3 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.