Michigan Central creates $500,000 neighborhood Detroit business fund
DETROIT (FOX 2) - A new $500,000 fund from Michigan Central Station will target neighborhood businesses in and around the site to help boost education, training, and entrepreneurial acumen among owners and workers.
The financial commitment will go toward as many as 25 nearby businesses that make up the newly founded innovation district being planned around the old Detroit train station. The site has stakeholders well beyond Ford Motor Co, which has overseen the refurbishment of Michigan Central.
The businesses will need to fit certain parameters to qualify for funding, like operating history, number of employees, and annual revenue.
The administration of the funds will be overseen by the Advancing Community Businesses program.
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"With Michigan Central being an open platform for partnership, we wanted to include nonprofit partners who could help us bring meaningful community engagement through this program," said Clarinda Barnett-Harrison, the community impact lead with Michigan Central. "We think it could bring big changes such as new employment, additional locations and expanded footprints, even new or enhanced e-commerce operations for participating businesses."
The funding will go toward a business academy that "will feature a menu-style series of courses in business development and online business education" a release Wednesday morning said. Participants will be able to select courses that fit their needs and goals to grow.
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Grants and loans between $5,000 and $20,000 will also be available.
According to the release, the academy that's offered to businesses will be molded around community input.
Applications for the new money can be found here.