The First Step Fund represents a partnership of the Invest Detroit Foundation, TechTown, Ann Arbor SPARK and Automation Alley intended to support a revolving loan pool to provide financing to emerging and newly-formed small businesses in southeast Michigan that have successfully completed a training program through a qualified regional business incubator/accelerator.
The First Step Fund provides emerging companies with access to capital, focused mentoring in areas consistent with growing the business, and a network that will work to foster demand and create opportunities. First Step Fund support is meant to address the deficit of financing in the marketplace and to promote economic development by identifying, nurturing and fostering demand for early stage, commercially viable businesses resulting in job creation and increased tax revenue for the region.
The First Step Program will give preference to businesses owned by women and minorities and businesses with the highest potential to employ women and minorities. First Step Fund applications must be submitted by a qualified business incubator/accelerator representing the company as its sponsor.
Southeastern Michigan
$10,000–$50,000