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New Community Transformation Fund receives $500,000 investment

New Community Transformation Fund
New Community Transformation Fund
Clark Communications
New Community Transformation Fund

Grand Rapids-based venture fund supporting businesses owned by people of color has received another major investment from an in-state holdings corporation.

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.

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.