The third and final year of a challenge that awards $500,000 to small businesses in Detroit, Hamtramck and Highland Park is launching.
The New Economy Initiative, a special project of the Community Foundation for Southeast Michigan, said in a news release that it's kicking off the challenge Wednesday. Thirty applicants will get $10,000 each, while two businesses will each receive $100,000. Applications are due June 1.
The initiative said the challenge granted more than $1 million in cash awards to more than 60 existing businesses over the last two years. Nearly 1,200 small businesses applied in 2014 and 2015.
