Detroit's Entrepreneurs of Color Fund Expands to Over $18 Million
Detroit Development Fund, JPMorgan Chase and W.K. Kellogg Foundation reported that the Entrepreneurs of Color Fund in Detroit is attracting new investors and nearly tripling the fund's size from $6.5 million to over $18 million due to demand for capital and a continued effort to help all Detroiters benefit from the city's comeback.
"Our Entrepreneurs of Color Fund has created great economic opportunity for minority-owned small businesses in Detroit this year," said Ray Waters, President, Detroit Development Fund. "This expansion of the fund will create countless new jobs and bring new goods and services to even more neighborhoods in the coming years."
According to a media release, as part of JPMorgan Chase's $150 million commitment to Detroit's economic recovery, in 2015, the firm, the W.K. Kellogg Foundation (WKKF) and Detroit Development Fund (DDF) created a fund to provide minority-owned small businesses with access to capital and technical assistance. JPMorgan Chase originally invested $3.5 million and the Kellogg Foundation committed $3.5 million as part of its larger roughly $25 million annual investment in the city and commitment to promoting equity.
"We're doing everything we can in Detroit to create more opportunities for people of color and providing entrepreneurs greater access to the small business capital they need to succeed is helping us accomplish that," said Mayor Mike Duggan. "Detroiters who've opened or expanded a small business already have created hundreds of jobs. We need more, so I'm very grateful to JPMorgan Chase for encouraging investors to work together and grow the Entrepreneurs of Color Fund, and for its ongoing support in the revitalization of our city."
To meet the ongoing demand of the successful fund, JPMorgan Chase and the Kellogg Foundation each are making new investments of $2 million and actively recruiting new funders to significantly increase the size of the fund. New investors include the Ralph C. Wilson, Jr. Foundation ($2.5 million), Fifth Third Bank ($3 million) and the Kresge Foundation which has committed to providing first loss guarantee up to $2 million. All of these new investments are expected to encourage other investors to support the fund.
"Thanks to this fund, minority-owned small businesses are rebuilding homes, repairing streetlights and opening neighborhood retail stores, and their entrepreneurial spirit is a big part of Detroit's continued comeback," said Jamie Dimon, Chairman and CEO, JPMorgan Chase. "When a fund like this is successful, we want to help it reach more small businesses and that's exactly what we're doing by encouraging investors to collaborate and taking this model to help entrepreneurs in San Francisco and the South Bronx next year."
"The Kellogg Foundation developed and initiated this fund to dramatically change the wealth trajectory of people of color in the city and its neighborhoods," said La June Montgomery Tabron, WKKF's President and CEO. "Our commitment to the Entrepreneurs of Color Fund provides a pathway for community ownership, better jobs and more opportunities. The goal is more equitable economic development and an increase of quality of life for the people of Detroit and their children."
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THE DAILY VIEW
Tea Forté Introduces ‘Matcha’ Collection
Convenience meets tradition in Tea Forté’s new Ceremonial Matcha Bowl Set and the Matcha Single Steeps.
The company said its spring harvested, shade grown, stone ground, organic matcha tea is best served in a centuries-old Japanese tea ceremony called chanoyu: a preparation technique known for its centering meditative qualities.
"The launch of Tea Forté's Matcha collection represents our continued commitment to wellness and cultivating all the potential mental and physical health benefits of tea," says Tea Forté CEO Michael Gebrael. "In addition to our high quality Pure Matcha, we've also blended four distinct flavored Matcha varieties. Prepackaged in pouches measured out for a single serving, our Single Steeps Matcha is ideal for the office, travel, or to keep with you for a boost anytime."
Tea Forté noted its handcrafted ceremonial tea bowl, handmade bamboo whisk and measuring ladle “encourages serene enjoyment of our premium Kosher, gluten-free and vegan matcha blends.” These include: Pure Matcha, Chocolate Matcha, Coconut Matcha, Ginger Matcha, and Chai Matcha.
According to a release, in addition to its distinctive taste, matcha is prized for its health benefits. Steeped green tea contains only the antioxidants that can be extracted in water, while with matcha, the whole leaf is consumed.
Available now in select stores and online at teaforte.com.
Expedia.com has released a year-end look at U.S. traveler behavior and trends for 2017, analyzing data to identify the most in-demand destinations, hotels, activities and more.
Among other insights, the roundup revealed:
- Labor Day was the busiest weekend for car rental
- Disney Theme Parks topped the list of things to do
- The average hotel stay was two nights
- Top destinations based on 2017 air travel included major global cities like New York, London and Bangkok
- Popular tourist destinations included Orlando, Cancun and Las Vegas