Start up businesses get a lot of love in the funding world. We’ve covered such things fairly extensively in previous blog posts. But what about the established businesses that need help growing? It can be hard to come by extra cash to push your business to the next level. NEI is here to help with that. In an effort to cater to the established businesses that have been a part of Detroit for years, NEI has launched a new funding initiative called NEIdeas.
A total of $500,000 is ripe for the taking. 30 businesses will receive $10,000 each and two businesses will receive $100,000 each. These two levels of funding are determined by the size of business entering. Businesses that are eligible for the $10,000 grants cannot have an annual gross of over $1 Million. Furthermore, to be eligible for the $100,000 award, businesses must gross over 1$ million and under $5 million annually. Check out the guidelines to see if your business meets the other criteria required for entry into the program.
You can submit your application online or by mail. It will be extremely beneficial to read over the NEIdeas’ website carefully and review the eligibility criteria as well as the fine details of the program. Craig Fahle has recorded a very informative interview with Dave Egner of NEI and Olga Stella of the DEGC regarding the program on his WDET show. Acceptance of applications opens May 8.