If you’re looking to get a big boost for your Detroit, Hamtramck or Highland Park based business, the window on getting your ticket to $10,000 is closing.

NEIdeas, a program of the New Economy Initiative, is accepting applications for its $10k Challenge for businesses that gross under $750,000 as well as a $100k Challenge for business that gross between $750,000 and $5 million now. But we’re going to focus on what’s due Thursday (the $100k challenge isn’t due until the 25th of this month).

NEIdeas is a cool program. It’s focused on celebrating and helping existing businesses in Detroit, Hamtramck, and Highland Park grow. The program is intended to support existing businesses in a way that will strengthen them and their neighborhoods – this definitely isn’t just a downtown thing. Sometimes even more importantly, business owners will have the opportunity to connect with vital investment and resources.

If you want in, here’s what you need to know. To be eligible for application, your business must be:

  • At least three years old by the application deadline
  • A for-profit organization
  • Independently owned. Franchises are not eligible.

There are a few more technicalities, so see the full eligibility and program requirements here.

Applications are available at apply.NEIdeasDetroit.org. All applicants need to do is fill out the application and send it in either online, through email, or through snail mail. Business owners who would like help filling out their applications can visit an NEIdeas Ambassador for assistance.

Applications for the $10k Challenge are due this Thursday, June 4, 2015. Up to $10,000 each will be awarded to 30 businesses that gross under $750,000.

Applications for the $100k Challenge are due Thursday, June 25, 2015. Awards of $100,000 will be given to each of two businesses that gross between $750,000 and $5 million.

After applications are submitted, NEIdeas will narrow the number of applicants and send the names of the semi-finalists to the NEIdeas Jury. There will be a jury of judges and it will recommend which applicants should proceed as finalists. Finalists will then be asked to submit additional information for final consideration. For more information on the application process, click here.

Share this post