Northern Initiatives receives $3 million
Underserved entrepreneurs to benefit from grant funds
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MARQUETTE -- Underserved entrepreneurs in Michigan will soon be connected to more resources, assistance and capital through a $3 million grant.
Northern Initiatives, a nonprofit lender, and Start Garden, a business incubator, were awarded $3 million from the U.S. Minority Business Development Agency to help underserved entrepreneurs across Michigan.
The $3 million comes from the $125 million American Rescue Plan-funded Capital Readiness Program awards competition, announced by Vice President Kamala Harris on Aug. 4.
The competition included Northern Initiatives and Smart Garden, supported by the Gov. Gretchen Whitmer-Lt. Gov. Garlin Gilchrist Administration, with the hope to enroll 400 early-stage entrepreneurs over four years, with a goal of creating 300 businesses and 645 new jobs, according to a press release from Northern Initiatives.
"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," Whitmer said in a press release. "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. Our hardworking, innovative entrepreneurs and small business owners have helped Michigan become a top 10 state for doing business in 2023, and we must work together to connect Michiganders with the funding and training they need to build brighter futures right here in Michigan."
Northern Initiatives is a community development financial institution that provides loans and business services to small business owners and entrepreneurs who create jobs and empower their communities, according to the nonprofit's website.
"For 30 years Northern Initiatives has prioritized supporting minority-, women- and veteran-owned businesses by providing small business loans and technical assistance," President and CEO of Northern Initiatives Elissa Sangalli said in a press release. "We're grateful for this opportunity to deepen our impact and to knock down barriers."
State Rep. Jenn Hill, D-Marquette, said in a press release that she "applaud(s) this excellent investment in the (Upper Peninsula's) entrepreneurs and small businesses."
"Northern Initiatives has seen tremendous growth over the years, going from a small organization operating in Marquette to a region-wide powerhouse of economic development," Hill said. "That growth is a testament to their great work, and this grant will build on that momentum."
According to the nonprofit's press release, Northern Initiatives and Start Garden will host cohorts that work together on business planning, financial reporting, hiring practices, projection and more.
Local business professionals will work with the cohorts and each entrepreneur will have an individual business coach for one-on-one mentoring.
"We just want to knock down some hurdles," Sangalli said. "Too many entrepreneurs are still being denied opportunities -- for education, for capital, for growth. We're opening the doors and continuing to deepen our impact around the state."
For more information on the nonprofit, visit northerninitiatives.org.
Dreyma Beronja can be reached at 906-228-2500 ext. 548. Their email address is dberonj@miningjournal.net.