DETROIT — New Economy Initiative (NEI), a special project of the Community Foundation for Southeast Michigan (CFSEM), announced this week the launch of NEIdeas: Rewarding Ideas for Business Growth, a two-tiered challenge awarding $500,000 to existing small businesses in Detroit, Hamtramck and Highland Park. 

The announcement was made by NEI Executive Director David Egner, Detroit Mayor Mike Duggan, CFSEM President Mariam Noland and Executive Vice President of Detroit Economic Growth Corporation Waymon Guillebeaux.

The challenge, which will officially launch when entry for applications opens on Thursday, May 8, will grant cash awards to 32 existing businesses and provide access to support for small businesses in all of those cities. Businesses must be at least three years old to enter. 

“We are seeing more and more the impact small businesses are having in revitalizing Detroit’s economy and programs like NEIdeas are a big part of the reason why,” said Mayor Duggan.  “Receiving a strategic infusion of cash like this can be just the boost an existing small company needs to grow and create more jobs for our local economy.”

NEIdeas will feature two types of awards: $10,000 for businesses that gross under $1 million annually with ideas to grow; $100,000 for businesses that gross more than $1 million and under $5 million annually that have ideas to grow ‘big.’

Thirty applicants will be awarded $10k each and two higher-grossing businesses will be awarded $100k each. By applying for the challenge, all businesses will gain connection to other small businesses and entrepreneurs, access to resources and exposure.

The application for NEIdeas will be available online at NEIdeasDetroit.org.  Printed applications will also be available at more than 20 community organizations, associations and churches across Detroit.

Application deadlines for the $10k challenge are due on June 5 and $100k challenge on June 26. 

The recipients of the $10k challenge will be notified in September and the winners of the $100k challenge will be notified by November.