GRAND RAPIDS, MI (WTVB) – A new venture capital fund is being created to help minority-owned businesses in west Michigan.
Economic development group The Right Place, the Consumers Energy Foundation, and Bank of America announced yesterday that they are together launching the New Community Transformation Fund, and Kwame Anku is among the consultants.
The organizations hope to raise between $15 million and $25 million in capital ahead of next year’s launch to increase ethnic and racial diversity in business ownership in the region.
Bank of America and the Consumers Energy Foundation have already donated $400,000 toward the development and design of the fund.
(reporting from Molly Domenick/Michael Arney-MetroSource News)
