New Economy Initiative Awards Nearly $600,000 In Grants To Support Neighborhood Organizations

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Small businesses are a vital part of our communities, but they’re often overlooked when it comes to business support. The New Economy Initiative (NEI) has taken steps to change that problem by awarding almost $600,000 in grants to six non-proft organizations across Detroit that support small businesses.

The grants are through NEI’s new Neighborhood Business Initiative, which is designed to grow and strengthen the network of support services for entrepreneurs and small businesses in underserved neighborhoods.

The NEI grantees offer a diverse geographic range, but the first round of grants was largely concentrated in three Detroit neighborhoods – Osborn, Grandmont Rosedale, and the North End. NEI found these areas had pronounced opportunities and needs.

“NEI is continuing to focus on building an economy in our region where opportunity and success are available for all,” said David Egner, NEI executive director. “By providing grant support to these existing organizations and resources, we are expanding their ability to reach and serve more entrepreneurs and businesses from within the neighborhoods that often need it the most.”

The Neighborhood Business Initiative Grantees include:

Osborn Neighborhood Alliance: $84,405 awarded. Support for connecting new and existing businesses to the resources they need to grow.

Grandmont Rosedale CDC: $110,000 awarded. Support for a business development effort on the Grand River corridor.

Central Detroit Christian CDC (North End): $91,300 awarded. Support for a business empowerment and development program in Detroit’s North End.

Accounting Aid Society: $100,400 awarded. Support for accounting and tax assistance services to small businesses in Detroit

Small Business Development Center (SBDC): $90,244. Support for financial and capital readiness training for small businesses.

FoodLab: $117,000 awarded. Support for improvement and growth of resources for food entrepreneurs in Detroit neighborhoods.

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