DETROIT – More than $200,000 has been pooled to provide micro grants through Eastern Market to support food-based small businesses in metropolitan Detroit.
The money comes from Citizens Bank, Eastern Market Corporation, and the Michigan Economic Development Corporation. Citizens Bank donated $60,000 and the MEDC $150,000.
The application deadline is August 21. Grants will be awarded by October 2015.
Funding from Citizens Bank is coming through its Growing Communities program, an urban economic development initiative that focuses on job creation and reinvigorating neighborhoods by leveraging Michigan’s agricultural industry. This contribution signifies Citizens Bank’s ongoing efforts and commitment to expand local food production and processing to create jobs, revitalize neighborhoods and increase the supply of healthy food to local areas.
Funding from MEDC is part of its economic gardening strategy to connect businesses, state and local government, and community partners to create a nurturing environment for entrepreneurs and small businesses.
“We’re excited to be partnered with Citizens Bank for a new round of the Growing Communities grant program and the strong support provided by MEDC,” said Randall Fogelman, vice president, business development, Eastern Market Corporation. “This effort has helped so many small Detroit-based businesses that often don’t have access to capital, grow and prosper.”
Grants awarded through the Citizens Bank Growing Communities program and MEDC funding will assist in providing a variety of small food-based businesses the opportunity to buy equipment, acquire land and hire staff.
“Our Growing Communities initiative reflects Citizens’ belief that the strength of our company is directly tied to the strength of communities we serve,” said Rick Hampson, President, Citizens Bank, Michigan. “We have seen a great return on our investment in Michigan’s growing local food industry. This money will help contribute to a more successful economy by helping to create more local jobs and supporting local small businesses.”
Growing Communities is part of Citizens Helping Citizens Strengthen Communities, Citizens Bank’s program that contributes to the economic vitality of the communities it serves. Citizens Bank was previously known as Charter One.
“MEDC is proud to join Citizens Bank and Eastern Market to help foster entrepreneurship and small business growth in metro Detroit,” MEDC CEO Steve Arwood said. “This is the kind of high-impact public-private partnership that can serve as a model in communities across the state.”
Last year, 32 food businesses, most of which sell products at Eastern Market, were awarded funds from the Growing Communities grant program. Local jam producers Slow Jams and Beau Bien, for example, were both able to use Growing Communities funds to purchase piston-fillers (automatic jar-filling machines) for their growing jam businesses.
“We were grateful for the opportunity to apply for funding through the Growing Communities program,” shared Shannon Byrne, owner of Slow Jams. “Purchase of the piston-filler allowed our business to greatly increase productivity.”
Grant applications can be found on www.easternmarket.com.
Author: Staff Writer
Source: MITechNews.Com
Date: 7/14/2015
