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New
Economy
Initiative
Unveils
Challenge
Awarding
$500,000
To
Existing
Small
Businesses
NEIdeas
is first
challenge
exclusively
for
existing
businesses
in
Detroit,
Hamtramck
and
Highland
Park
DETROIT,
MI - New
Economy
Initiative
(NEI), a
special
project
of the
Community
Foundation
for
Southeast
Michigan
(CFSEM),
announced
this
morning
the
launch
of
NEIdeas:
Rewarding
Ideas
for
Business
Growth,
a
two-tiered
challenge
awarding
$500,000
to
existing
small
businesses
in
Detroit,
Hamtramck
and
Highland
Park.
The
announcement
was made
by David
Egner,
Executive
Director,
NEI;
Mayor
Mike
Duggan,
City of
Detroit;
Mariam
Noland,
President,
CFSEM;
and
Waymon
Guillebeaux,
Executive
Vice
President,
Detroit
Economic
Growth
Corporation.
The
challenge,
which
will
officially
launch
when
entry
for
applications
opens on
Thursday,
May 8,
will
grant
cash
awards
to 32
existing
businesses,
as well
as
provide
access
to
support
for
small
businesses
in all
of those
cities.
Businesses
must be
at least
three
years
old to
enter.
NEIdeas
will be
run in
partnership
with the
Detroit
Economic
Growth
Corporation.
“While
we
recognize
and
support
all the
energy
around
Detroit’s
start up
scene,
we feel
it’s
important
to
celebrate
the
small
existing
businesses
across
Detroit,
Hamtramck
and
Highland
Park
that
have
been the
cornerstone
of their
communities
for
years,”
said
Egner
with NEI.
“More
importantly,
by
providing
some
capital
assistance
and
connecting
them to
resources,
we feel
we can
help
them
grow and
create
jobs,
further
strengthening
their
neighborhoods.”
"We are
seeing
more and
more the
impact
small
businesses
are
having
in
revitalizing
Detroit's
economy
and
programs
like
NEIdeas
are a
big part
of the
reason
why,"
said
Mayor
Duggan.
"Today,
there
are
thousands
of small
businesses
in the
city of
Detroit
that
employ
only one
or two
people.
Receiving
a
strategic
infusion
of cash
like
this can
be just
the
boost an
existing
small
company
needs to
grow and
create
more
jobs for
our
local
economy."
NEIdeas
will
feature
two
types of
awards:
•
$10,000
for
businesses
that
gross
under $1
million
annually
with
ideas to
grow
•
$100,000
for
businesses
that
gross
more
than $1
million
and
under $5
million
annually
that
have
ideas to
grow
‘big’
Thirty
applicants
will be
awarded
$10k
each and
two
higher-grossing
businesses
will be
awarded
$100k
each. By
applying
for the
challenge,
all
businesses
will
gain
connection
to other
small
businesses
and
entrepreneurs,
access
to
resources,
and
exposure.
“We work
with
small
businesses
every
day
through
many of
our
programs,”
added
Guillebeaux
with
Detroit
Economic
Growth
Corporation.
“We are
pleased
that
NEIdeas
will
help us
connect
more
companies
to the
Detroit
Business
Support
Network
we
convene,
giving
us more
chances
to help
them
grow.”
The
application
for
NEIdeas
will be
available
on May 8
online
at
NEIdeasDetroit.org.
Printed
applications
will
also be
available
at more
than 20
community
organizations,
associations
and
churches
across
Detroit,
Hamtramck
and
Highland
Park
that
will
serve as
“Ambassador”
locations
for the
challenge.
For-profit
businesses
providing
products
and
services
of all
kinds
can
submit
completed
applications
online,
via
email or
US Mail.
Application
deadlines
for the
$10k and
$100k
challenges
are as
follows:
•
$10K
applicants
will
need to
submit
their
application
by June
5
• $100K
applicants
will
need to
submit
by June
26
After
the
application
period
closes,
NEIdeas
will
narrow
the pool
of
applicants
and
forward
the
semi-finalists
to a
jury,
which
will be
comprised
of
empathetic
entrepreneurs,
non-profit
partners
and
corporate
partners
that
will be
able to
evaluate
applicants
without
themselves
being
able to
participate
in the
NEIdeas
challenge.
The jury
will
then
recommend
finalists.
If
selected,
the
applicants
will be
asked to
submit
some
additional
information
about
their
business.
The
recipients
of the
$10k
challenge
will be
notified
in
September
and the
winners
of the
$100k
challenge
will be
notified
by
November.
About
The New
Economy
Initiative
The New
Economy
Initiative
(NEI) is
a $140
million
philanthropic
effort
to help
make
thousands
of ideas
the next
economic
engine
by
getting
entrepreneurs
and
small
businesses
what
they
need,
when the
need it,
in order
to
succeed
and
grow.
This
unprecedented
initiative
is
supported
by the
following
national,
regional
and
local
foundations:
the
Community
Foundation
for
Southeast
Michigan
(Detroit),
the
William
Davidson
Foundation
(Southfield),
the Max
M. and
Marjorie
S.
Fisher
Foundation
(Southfield,
Michigan),
the Ford
Foundation
(New
York),
the
Hudson-Webber
Foundation
(Detroit),
the W.K.
Kellogg
Foundation
(Battle
Creek,
Michigan),
the John
S. and
James L.
Knight
Foundation
(Miami),
The
Kresge
Foundation
(Troy,
Michigan),
the
McGregor
Fund
(Detroit),
the
Charles
Stewart
Mott
Foundation
(Flint,
Michigan),
and the
Skillman
Foundation
(Detroit).
The
Community
Foundation
for
Southeast
Michigan,
which
initiated
the
collaborative,
is
serving
as its
administrative
home.
For more
information,
please
visit
neweconomyinitiative.org.
About
Detroit
Economic
Growth
Corporation
(DEGC)
DEGC is
a
non-profit
organization
that
serves
as the
lead
implementing
agency
for
business
retention,
attraction
and
economic
development
initiatives
in the
city of
Detroit.
DEGC is
led by a
60-member
board
comprised
of
business,
civic,
labor
and
community
leaders.
Its 40
professionals
provide
staff
services
for key
public
authorities
that
offer
tax
credits
and
other
forms of
financing
for
projects
that
bring
new jobs
or
economic
activity
to the
city.
Among
them:
the
Downtown
Development
Authority
(DDA),
Detroit
Brownfield
Redevelopment
Authority
(DBRA),
Economic
Development
Corporation
(EDC),
Neighborhood
Development
Corporation
(NDC),
Local
Development
Finance
Authority
(LDFA),
and Tax
Increment
Finance
Authority
(TIFA).
DEGC
also
provides
planning,
project
management
and
other
services
under
contract
to the
City of
Detroit.
(www.degc.org)
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