For fourth consecutive year, NEIdeas Challenge to award $400,000 in grants for small businesses
The New Economy Initiative is now accepting applications for its NEIdeas Challenge. For the fourth consecutive year, NEI will award 20 already existing small businesses with $400,000.
Attention small business owners: the New Economy Initiative (NEI) is now accepting applications for its NEIdeas Challenge. For the fourth consecutive year, NEI will award 20 already existing small businesses with $400,000.
To apply, a business must have been founded at least three years ago and have a demonstrated need for capital in order to grow. There are two tiers to the program, $10,000 and $100,000, depending on how much a business grosses.
According to a press release: “Since its launch in 2014, NEIdeas has awarded 96 local businesses a total of $1.5 million to help them realize their ideas for growth, as well as connected hundreds of others to technical assistance opportunities. Nearly 70 percent of past NEIdeas winners are minority-owned businesses, and 65 percent are woman-owned businesses.”
As they do every year, NEI is holding a series of information sessions for prospective applicants. There are still three more remaining at the following dates and locations:
- May 18, 6 to 8 p.m. at Grand River Workplace (19120 Grand River Ave., Detroit, MI 48223)
- May 22, 6 to 8 p.m. at SER Metro Detroit (9301 Michigan Ave., Detroit, MI 48210) – bilingual session in Spanish and English.
- May 30, 6 to 8 p.m. at TechTown (440 Burroughs St., Detroit, MI 48202)
Learn more about or apply to the NEIdeas Challenge here.
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