The New Economy Initiative (NEI) and Wayne County Executive’s Office have announced the launch of a three-year, $54 million program in support of emerging businesses across Wayne County, Michigan.

The Wayne County Small Business Hub will bolster new and existing businesses with up to 50 employees, with a focus on micro businesses that have no more than 10 employees and are minority- or women-owned. Through the program, NEI, a project of the Community Foundation for Southeast Michigan (CFSEM), will provide grants to nonprofit business support organizations and chambers of commerce, which will then connect recipients to technical assistance such as accounting, legal and marketing services, and business plan development.

Funding for the initiative includes $32 million allocated by Wayne County from the American Rescue Plan Act and $22 million in grants from CFSEM, JPMorgan Chase, and the Ford, Hudson-Webber, Kresge, Ralph C. Wilson, Jr., W.K. Kellogg, and William Davidson foundations.

“Throughout the pandemic, it became painfully clear that many small business owners and entrepreneurs lacked access to the basic technical services and resources that are critical to starting or expanding a business,” said NEI executive director Wafa Dinaro. “This program aims to make pathways to wealth generation through entrepreneurship more accessible to small business owners in Wayne County and help them recover from the negative economic repercussions caused by the pandemic.”

(Photo credit: Getty Images/svetidk)