GRAND RAPIDS, Mich. — Two Michigan lenders were awarded $3 million to help disadvantaged entrepreneurs achieve success.
One of those lenders, Start Garden, is based in Grand Rapids.
Funding stems from a grant by the U.S. Minority Business Development Agency, according to the Michigan Executive Office of the Governor.
Start Garden and Northern Initiatives are two of 43 organizations selected to receive a total of $125 million from the Capital Readiness Program.
“Small businesses are anchors of communities across the state, and the work that Northern Initiatives and Start Garden do every day helps them ‘make it’ in Michigan,” says Governor Whitmer. “Today’s investment will build on their efforts to reach underserved communities and businesses, creating jobs and making cities and towns across the state better places to live, work, and invest.”
Northern Initiatives says both recipients have entered a partnership, adding the 10 finalists for 2023’s Start Garden 100 are eligible to receive $20,000 in loans.
“Every year we are completely inspired by the hustle and dedication so many entrepreneurs bring to the 100 competition, but they don’t fall under traditional lending qualifications because they’re too early,” says Start Garden Co-director Darel Ross. “Northern Initiatives has boldly stepped up to recognize they’re earning potential and match the money we’re giving away with their loan program.”
The funding hopes to create 300 new businesses in four years while adding 645 jobs, according to the state.
“Our hardworking, innovative entrepreneurs and small business owners have helped Michigan become a top ten state for doing business in 2023," adds Whitmer, "and we must work together to connect Michiganders with the funding and training they need to build brighter futures right here in Michigan.”
