Detroit Businesses May Receive $500K in Awards

By Amanda Lewan on April 16th, 2014 / Comments

We know things haven’t been the easiest for business owners in a city that battles blight, bankruptcy, and other urban issues. 

In Detroit, the new startup culture must grow alongside the existing businesses to grow a strong urban center together. One new challenge is helping spur this sustainable growth for already existing businesses.

The New Economy Initiative fund announced today a special grant program for businesses in Detroit, giving away $500,000 in cash those who apply. Awards to over 30 businesses will be available in the following two categories: 

  • The $10k Challenge will provide awards of $10,000 each to 30 businesses that gross under $1 million annually with ideas to grow.
  • The $100k Challenge will provide awards of $100,000 each to 2 businesses that gross over $1 million and under $5 million annually with ideas to grow ‘big.’

Whether your business is in tech, retail, design, or food, all businesses that have established themselves in Detroit (three years or more in the city), are open to apply. All you have to do is write down in 200 words the idea that will help your business grow. 

At the press conference today we saw a lot of great support from the community in Detroit. Mayor Duggan himself spoke of the importance of entrereneurship in the city.

“Detroit will come back when the next generation says I want to start a business,” says Mayor Mike Duggan.

So, what’s your idea?

Applications open May 8th. Learn more about the challenge online at neideasdetroit.org. 

 

About the Author

Amanda Lewan

Amanda Lewan

Editor @michipreneur. Co-founder Bamboo Detroit. Follow me @Amanda_Jenn. I love telling the story of entrepreneurs and innovators.