TRAVERSE CITY — Local innovation hub 20 Fathoms and economic development nonprofit Venture North recently awarded a total of $72,000 to 16 small businesses across Northern Michigan.
Each recipient received a total of $4,500 to help them expand their business and contribute to continued economic growth in the region. Businesses were selected based on their financial need for funding and the overall impact they have on their communities.
Grants are to be used for specific purchases—such as equipment or software upgrades—that must be clearly defined before funding is issued.
The grants are facilitated by the Michigan Economic Development Corporation as part of the Small Business Direct Grant Programs, which are designated to address specific financial needs and stimulate economic development throughout Michigan’s communities.
Applications for grants were submitted by businesses throughout the 10-county region, and applicants were required to articulate a clear plan for how the funds would be used. While there is no repayment obligation, follow-up support is expected to help ensure long-term success.
Both 20 Fathoms and Venture North remain committed to the sustained success of small businesses in the region, and their services extend beyond the allocation of grants. Workshops open to the public, newsletters, and office hours are resources provided by both companies to continue business expansion in Northern Michigan.