The investment fund is based in Grand Rapids to support business owners of color. The fund is a partnership with Bank of America and the Consumers Energy Foundation. Each of them have provided $200,000 in initial start up capital. Birgit Klohs from the Right Place says the goal is to raise between $15 and $25 million in capital over the next year to launch the fund in 2021.
“This has been a community that’s been on every top list of manufacturing growth etc., but we also know that are parts of our community that are being left out of all of that success; and this fund really is to start working and rooted chipping away of making this more inclusive and diverse economic region.”
This fund will focus on businesses in the industries of advanced manufacturing, food processing, agriculture, life sciences, medical devices and technology. Those who apply will require companies to be located and operate out of West Michigan. Renee Tabben from Bank of America says the focus will be people of color.
“We are in a unique position to mobilize capital to create positive change. It is a responsibility that we have.”
While the West Michigan economy has improved dramatically, communities of color have not shared equitably in those successes.
Michelle Jokisch Polo, WGVU News.