The New Economy Initiative and Community Foundation For Southeast Michigan (CFSEM) are partnering to bring the NEIdeas Small Business Challenge back for a final year. The NEIdeas Small Business Challenge is awarding 32 existing small businesses a total of $500,000. Small businesses in Detroit, Hamtramck, and Highland Park are eligible to apply for this challenge.
The NEIdeas mission is to reward small businesses for ideas and business growth. This is the third and final year of the challenge. The past two years they have had 1,200 applicants and have awarded 60 small businesses more than a million dollars.
There are two types of awards that will be given out. The first one is a $10,000 award that will be given to small businesses that make less than $750,000 annually. This award will be given to thirty small businesses. The second award is for businesses that make over $750,000 but under $5 million gross annually, this will be given to two small businesses and the award is $100,000.
Businesses that are interested in applying for the challenge must be at least three years old by the deadline, which is June 1, 2016. Businesses can find the application on the NEIdeas website, or at one of the many NEIdeas Ambassador Centers (the location map can also be located on the NEIdeas website). The application process is simple.
Interested small businesses can attend one of the five information sessions that NEI is hosting. You can find the list of dates and addresses for them here.
“Over the last two years, we’ve seen the ripple effect that this challenge has had on so many small businesses in the city. It’s been incredible to not only watch the winning businesses grow, but to see the impact of the applicants who are now a part of the small business ecosystem and have access to community resources funded by NEI,” said NEI Director Pam Lewis. “This challenge is rewarding those whose spirit and determination over the years has kept the city afloat and are crucial to the future success of Detroit.”
The NEIdea Challenge is more than just about winning the money. It is an opportunity for business owners to network and receive support from other business owners – not to mention it helps businesses gain exposure.