WXYZ Editorial: Why growing S.E. Michigan small businesses is so important
11:05 AM, Nov 3, 2017
8:39 PM, Nov 3, 2017
WXYZ Detroit -
If small business is the backbone of America, then Southeast Michigan is headed in the right direction. At least two programs designed to encourage and support entrepreneurs is a smart investment in our future.
Recently, more than a dozen Detroit-based small businesses were presented with their Motor City Match grants presented by Mayor Mike Duggan and the Detroit Economic Development Corporation. Since the program began in 2015, more than 100 businesses have received a total of $4.4 million. Eighty-six of those businesses are located in Detroit neighborhoods outside of downtown and midtown. That's good news which sometimes gets overshadowed in the Motor City's comeback story. New entrepreneurs and startups are popping up across the city.
But small neighborhood businesses that have been around for a while also need additional resources. That's where the New Economy Initiative steps in. They just awarded 22 winners for their business growth ideas. Twenty of those recipients got $10,000 each. Two received $100,000 a piece. This year's class represents businesses in Detroit, Hamtramck and Highland Park.
Over the past four years, NEI has awarded a total of nearly 2 million to what we commonly call the "been-ups". The greatest value to these existing businesses is the access they'll now have to NEI's family of business experts. That's priceless help and well worth the investment of the Community Foundation for Southeast Michigan.
These small businesses honored by Motor City Match and the New Economy Initiative represent a variety of sectors and dreams. You can find the full list on our station website at WXYZ.com.