Small businesses awarded grants for innovative growth ideas
November 8, 2018
DETROIT (AP) - About two dozen small businesses in Detroit, Hamtramck and Highland Park will share $260,000 in grants.
The New Economy Initiative says the awards are part of its NEIdeas Small Business Challenge, a program geared to existing businesses.
Businesses that are at least three years old are asked to share their ideas for growth for a chance to win cash grants to get it done.
Since 2014, NEIdeas has awarded more than $2 million to 144 businesses -- including $10,000 each to this year's 26 winners. About 77 percent of this year's winners are minority-owned and 65 percent are owned by women.
New Economy Initiative Director Pam Lewis says "though they might lack capital and connections to resources, neighborhood small businesses have no shortage of great ideas for growth."