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Venture fund supporting entrepreneurs of color receives investment from Frey Foundation

Downtown Grand Rapids, MI
The Right Place
Downtown Grand Rapids, MI

Grand Rapids-based venture fund supporting businesses owned by people of color has received another major investment from a private foundation

The New Community Transformation Fund supports opportunities for entrepreneurs of color and West Michigan businesses owned by people of color. The Grand Rapids-based fund was created by former Right Place president and CEO Birgit Klohs and launched in January 2020.

Thursday the Frey Foundation invested $500,000 in the NCTF.

Tripp Frey is chair of the Frey Foundation board of trustees, in a news release he said, “The Frey Foundation’s investment strategy is to maximize returns to our endowment. Instruments that also help build leadership and wealth in the region’s private sector are a win-win, so partnering with the New Community Transformation Fund felt like a natural fit. We are excited to be part of this unique and much-needed focus on helping entrepreneurs of color and under-invested populations succeed and build wealth in our community.”

The $500,000 investment is the Frey Foundation’s first local Mission Related Investment. The New Community Transformation Fund has raised $10.75 million.

In late 2021, The Wege Foundation committed $1 million to the NCTF.

Patrick joined WGVU Public Media in December, 2008 after eight years of investigative reporting at Grand Rapids' WOOD-TV8 and three years at WYTV News Channel 33 in Youngstown, Ohio. As News and Public Affairs Director, Patrick manages our daily radio news operation and public interest television programming. An award-winning reporter, Patrick has won multiple Michigan Associated Press Best Reporter/Anchor awards and is a three-time Academy of Television Arts & Sciences EMMY Award winner with 14 nominations.
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