Displaying items tagged: Northern Initiatives

Fifteen Michigan organizations are receiving $34.3 million in federal funding to support lending in low- and moderate-income markets that are still recovering from the pandemic.

A $90,000 grant from the Wege Foundation will back the work of Northern Initiatives, a federally designated community development financial institution (CDFI) that lends to small businesses that may otherwise lack access to credit and capital.

Eric Foster credits a 2015 report from Forbes.com that ranked Grand Rapids as 51st out of 52 markets in the U.S. economically for African Americans for helping to cement his idea to create Rende Progress Capital. 

Small business lender Northern Initiatives will receive $100,000 from major foundations annually over the next three years to help grow small businesses across Michigan.

Here is the MiBiz Growth report for June 6, 2022:

Michigan’s craft beverage industry is facing a challenge with the economic fallout from the coronavirus pandemic that is unlike any other in its history. 

The state plans to provide up to $2 million to a Marquette-based small business lender to increase activity across the state.

Michigan’s outdoor recreation industry supports tens of thousands of jobs and billions of dollars in consumer spending, but researchers and state officials say ongoing work is needed to understand how the industry can be used as an economic development tool.

A $500,000 grant from Wells Fargo Bank will enable Northern Initiatives to put a larger focus on diversifying its lending.

GRAND RAPIDS — When  realized it needed to add vehicles to its fleet to grow the business, founder Rich Flowers ran into some roadblocks familiar to many African American and minority entrepreneurs. 

A pair of initiatives across Southwest Michigan have a similar goal: supporting entrepreneurs starting small businesses in their respective cities and urban cores.