Michigan’s largest CDFI will connect small business owners with resources throughout the state
MARQUETTE, MICH., Oct. 10, 2023 – Northern Initiatives, a nonprofit lender working throughout Michigan, has been awarded a grant to provide technical assistance to entrepreneurs around the state who want to start or grow a business.
The $900,000 grant, announced by Lt. Gov. Garlin Gilchrist Oct. 5, will be used to connect entrepreneurs with the learning, resources and know-how needed to find funding and build their financial skills. Using one-on-one coaching, business planning cohorts, and Initiate, an online learning portal, Northern Initiatives also will connect entrepreneurs to quality legal, accounting and financial advisory services.
Over 60 applicants and $94 million in total funding requests were considered for the $5.2 million SSBCI program, reflecting the significant demand and highly competitive nature of this new program. The Michigan Strategic Fund will contract with the nine selected providers; over the next three years of the grant program, approximately 2,000 businesses will receive support services through this funding.
“It’s an honor to have been selected as an SSBCI recipient. We are thrilled to be chosen to support even more Michigan entrepreneurs,” said Elissa Sangalli, President of Northern Initiatives. “It’s great to see our existing partners Good for Michigan and Michigan Women Forward as awardees and we’re looking forward to leveraging our impact with all the recipients.”
Sangalli said Northern Initiatives plans to add at least one staff member to help with partnerships and outreach. The funds for the grant are from a federal State Small Business Credit Initiative (SSBCI) award given to Michigan to help small business owners who are applying or ready to apply for funds. The Technical Assistance Grant Program, administered by the Michigan Economic Development Corp., is designed to increase financial and business management skills, which Northern Initiatives, as a Community Development Financial Institution, has always had as part of its mission.
“We provide money and know-how,” said Sangalli, “and we’ve become a national leader for our technical assistance, both online and in person. Initiate is designed to bring resources to our customers, wherever they are, and we’re excited to be able to introduce it to even more business owners. Our business coaches are passionate about helping entrepreneurs, regularly – and literally – going the extra mile.”
For more information, contact Elissa Sangalli.
