Officials with Eastern Market are helping 70 small businesses in Detroit receive funding through a micro-grant program. The Michigan Economic Development Corporation and Citizens Bank are awarding more than $175,000 through the “Growing Communities” initiative. Randall Fogelman is the Vice President of Business Development for Eastern Market Corporation. He says the grants serve entrepreneurs that would find it hard to secure a traditional loan.
“This is just a great way to jump-start their businesses. We’ve had jam companies who’ve applied for piston fillers, so they can fill their jars quicker. I don’t think anybody would have given some of these companies a loan.”
Randall Fogelman, Vice President of Business Development for Eastern Market Corporation
Fogelman says the micro-grants, of up to $5,000, will be used for a single piece of equipment that would benefit the business. He says vendors that sell in and around Eastern Market, as well as the Detroit Community Markets, are eligible for funding.