New Economy Initiative targets underserved small businesses in Wayne County with new $19.5 million fund
The latest round of foundation support for the New Economy Initiative will be directed to organizations assisting underserved small businesses in Wayne County.
A new foundation commitment for $19.5 million will fund efforts to strengthen the network of nonprofits providing small business support in Detroit, Hamtramck, Highland Park and other Wayne County communities.
Funders behind the effort include the Community Foundation for Southeast Michigan, Ford Foundation, Hudson-Webber Foundation, Kresge Foundation, Ralph C. Wilson Jr. Foundation, William Davidson Foundation and W.K. Kellogg Foundation.
Since its inception in 2007, NEI has focused on supporting entrepreneurship throughout Southeast Michigan, with a focus for the past six years on helping underserved small businesses, Executive director Pamela Lewis said.
The new funding “is unapologetically focused on underserved small…