Michigan’s Black Economic Development Groups Receive $300K Grant
A group of West Michigan Black-led economic development organizations has received a $300,000 state grant to continue serving Black businesses in the area. The West Michigan Black Economic and Business Development Group was established during the COVID-19 pandemic and comprises Grand Rapids Area Black Businesses, Battle Creek-based Sisters in Business, Black Wall Street Kalamazoo, and Black Wall Street Muskegon.
The Michigan Economic Development Corp. manages the Trusted Connector Grant program, which gives 23 organizations across the country a total of $6.8 million.
A $300,000 grant
The $300,000 grant will maintain the coalition’s mission of connecting business owners with local leaders and resources, Nicole Triplett, founder of Black Wall Street Kalamazoo, said.
“We center the lived experiences, resilience, and resourcefulness that have sustained Black communities for generations while producing scale, even when those efforts fall outside of conventional frameworks,” Triplett said according to Crain’s Grand Rapids Business.
Jamiel Robinson, president and CEO of Grand Rapids Area Black Businesses (GRABB), says the funding will enable the coalition to operate more effectively regionally and establish an official organization while also helping the businesses they serve scale up across the region.
Supporting Black businesses in West Michigan
While the number of Black-owned businesses is growing, they are severely underrepresented compared to their population, making up only 2.5% of all companies.
A report from The Alliance for Entrepreneurial Equity has found a decline in venture capital and other forms of funding for Black-owned businesses. For instance, while 40% of Black business owners are outright denied loans, lines of credit, or cash advances, only 18% of their white counterparts face the same rejection.
“What this grant will allow us to do is to continue to serve who we serve, but also allow us to look at ways in which we can collaborate more closely from a regional perspective,” Robinson said.
Image credit: Jonathan Jelks
