The New Community Transformation Fund supports opportunities for entrepreneurs of color and West Michigan businesses owned by people of color. The Grand Rapids-based venture fund was created by former Right Place president and CEO Birgit Klohs and launched in January 2020.
Since then, the fund has raised $11.75 million with Novi-based ITC Holding Corporation making a $500,000 investment this week.
ITC is the nation’s largest independent electricity transmission company. The investment aligns with its corporate values.
Ollie Howie is managing director of New Community Transformation Fund. He said, “It’s a blessing to have so many partners join our effort and work together to lift up underserved entrepreneurs.”
Earlier this year, the Frey Foundation invested $500,000 in the NCTF. It’s first local Mission Related Investment. In late 2021, The Wege Foundation committed $1 million.
Initial seeding came from Bank of America and Consumers Energy Foundation.