Cash for Business Ideas From New Economy Initiative Challenge

More than 135 people, representing local businesses, communities, and city government, packed the Motor City Java & Tea House on the city’s far west side on Wednesday, April 16, for the unveiling of the New Economy Initiative’s NEIdeas: Rewarding Ideas for Business Growth. A special project of the Community Foundation for Southeast Michigan (CFSEM), New Economy Initiative (NEI), in partnership with Detroit Economic Growth Corporation, launched the challenge that will grant cash awards to 32 existing businesses in Detroit, Hamtramck, and Highland Park, which will total $500,000. The NEIdeas challenge will offer two types of awards: $10,000 for 30 businesses that gross under $1 million annually and $100, 000 for two businesses that gross more than $1 million, but under $5 million annually.

Read more at the Michigan Chronicle

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