For fourth consecutive year, NEIdeas Challenge to award $400,000 in grants for small businesses

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.