The Community Foundation of St. Clair County has launched an Equity & Inclusion Committee that will support underserved populations through grantmaking and community engagement.
An advocate and supporter of small businesses in southeastern Michigan, the New Economy Initiative (NEI)—housed within the Community Foundation for Southeast Michigan—is working to help business owners navigate the COVID-19 pandemic.
A collaborative of 13 foundations (12 of which are CMF members), NEI reinvigorates entrepreneurship in metro Detroit through funds and resources for small businesses and start-ups. With the COVID-19 outbreak, its mission has not changed but tactics and methods have shifted.
“Philanthropy has been an unsung hero in this entrepreneurial development space,” Pamela Lewis, director, NEI said. “While the state has done a lot of work, NEI funders have stepped up to expand entrepreneurship opportunities for small businesses and those who are typically disconnected from resources.”
That disconnect became more prominent with the outbreak of COVID-19, putting many small businesses at risk of closure. NEI stepped in to provide valuable resources and funds to sustain businesses now and in the future.
NEI’s Small Business COVID-19 Loan Relief Program provides six months of loans for 300 borrowers to help preserve their businesses during the crisis. The funds, which total $1.3 million, will go to small business owners in Detroit, Hamtramck and Highland Park.
The collaborative also contributed $600,000 to the TechTown Stabilization Fund which administers $5,000 working capital grants to business owners and entrepreneurs most affected by COVID-19.
Lewis said NEI’s support goes beyond dollars.
“We also want to inform and inspire current and prospective entrepreneurs,” Lewis said.
NEI created a COVID-19 resources page on its Startup Space platform with over 250 regional resources for small business owners and entrepreneurs. The page connects entrepreneurs with programs and funds to sustain their businesses during the pandemic, as well as assistance to apply for additional support programs. Additionally, NEI hosts a small business COVID-19 FAQ page on their website.
With support from The John S. and James L. Knight Foundation, NEI launched In Good Co. Detroit, a storytelling platform for business owners and prospective entrepreneurs to inspire others to start and grow their businesses. Stories in recent weeks have focused on the effect COVID-19 has had on small businesses and the resilience of Detroit’s entrepreneurs.
Lewis says there are many opportunities for philanthropy to support small businesses now and long-term as it relates to this crisis.
“This goes beyond COVID-19,” Lewis said. “We’re looking at small businesses’ impact on the economy and, most importantly, in low-income communities. They serve as employers and providers of critical spaces in those communities. Philanthropy can lead in creating and sustaining these spaces.”
Want more?
Visit NEI’s website and its COVID-19 FAQ page.
