Challenge grants to award $500,000 to local businesses
Think it’s tough running a small business in Detroit? Help is on the way.
A new program being announced today will award cash grants totaling $500,000 to more than 30 existing businesses in Detroit, Hamtramck and Highland Park. Thirty grants of $10,000 each will be awarded and two grand prizes of $100,000 each will be given.
Called NEIdeas: Rewarding Ideas for Business Growth, the project is a joint venture by the New Economy Initiative, a consortium of local and national foundations dedicated to renewing Detroit’s economy, and the Detroit Economic Growth Corp.
To be eligible for the awards, for-profit businesses must be at least three years old and be in good standing with the Internal Revenue Service. Businesses offering any kind of product or service may apply.
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