20Fathoms Small Business Support Direct Grant: Fueling Northwest Michigan Growth

Grant Overview

Unlock $4500 for Asset Purchases to Propel Your Northwest Michigan Small Business Forward with 20Fathoms and Partners

Donor: 20Fathoms, Venture North, Michigan SBDC, Northern Lakes Economic Alliance, Traverse Connect

About: The 20Fathoms Small Business Support Direct Grant represents a significant opportunity for entrepreneurs in Northwest Michigan to secure vital funding for business enhancement. This initiative, a collaborative effort spearheaded by 20Fathoms and Venture North, along with key regional partners, is designed to inject capital into innovative startups and established small businesses. The core aim is to facilitate meaningful growth through strategic asset acquisition, thereby strengthening the economic fabric of the region. If your business is based in this vibrant part of Michigan and you’re looking to make impactful investments, this grant warrants careful consideration.

With an average award of $4500, these grants are specifically earmarked for the procurement of tangible assets—essential items, critical software, or products that promise to catalyze immediate business expansion, streamline operations, or enable crucial technology upgrades. This targeted approach ensures that funds directly contribute to building more robust and competitive enterprises. Unlike broader business grants that might cover operational costs, this program distinctly excludes building renovations, repairs, or general expenses like marketing, focusing instead on investments that yield lasting value and capacity, such as acquiring advanced technology solutions. Understanding this distinction is key when preparing your application.

Driving Regional Innovation and Economic Strength

This grant program is more than just financial aid; it’s a testament to a powerful partnership dedicated to fostering a thriving local economy. The collaboration includes the Michigan SBDC (Small Business Development Center), the Northern Lakes Economic Alliance, and Traverse Connect, all pivotal players in regional economic development. This collective effort aims to bolster businesses that are at the forefront of driving innovation and economic contribution within Northwest Michigan. A wide array of sectors are encouraged to apply, including retail and specialty stores, food and beverage enterprises (who might also explore opportunities like the Santander X Cultivate Small Business Grant), diverse service-based businesses, eco-friendly and sustainable ventures, production and manufacturing firms, as well as artists, makers, and technology-based startups. Exploring various grant categories on Grantaura can provide further context on how such focused funding aligns with broader support initiatives.

A commendable aspect of the 20Fathoms Small Business Support Direct Grant is its proactive encouragement for applications from individuals traditionally underrepresented in business ownership. This commitment to inclusivity aims to diversify the entrepreneurial landscape of Northwest Michigan, ensuring a broader range of talents and ideas contribute to the region’s prosperity, a goal shared by opportunities like the Enterprising Women of Color Grant. The application journey involves an initial submission, followed by an invitation for qualified applicants to meet with the grant team, providing an opportunity to elaborate on their business vision and the strategic use of potential funds, a process that often benefits from clear application guides and resources.

Application Timeline and Future Prospects

The application window for the current funding cycle is clearly defined: May 16 through May 25, 2025, with a firm deadline of 11:59 pm on May 25, 2025. Prospective applicants should meticulously prepare their submissions, clearly articulating how the $4500 grant will be utilized for specific asset purchases and how these acquisitions will concretely contribute to their business’s growth and sustainability. Given the competitive nature of this funding opportunity, a well-researched and compelling proposal is paramount, and applicants can find helpful tips and success stories on the Grantaura blog. For businesses planning longer-term investments, it’s encouraging that 20Fathoms anticipates further rounds of small business grants later in 2025, making it worthwhile to stay updated on their announcements.

The significance of this grant is further underscored by its partial support from federal award number [SLFRP0127], provided to 20Fathoms by the U.S. Department of the Treasury. Crafting a winning grant proposal requires time, expertise, and a clear understanding of the funder’s objectives. Grantaura offers comprehensive grant support services, including professional grant writing, strategic business plan development, and meticulous financial document preparation. Our experienced team can assist you in developing a persuasive application that effectively showcases your business’s potential and aligns seamlessly with the grant’s specific requirements, and you can start by scheduling a free consultation to discuss your needs.

Focus: Asset purchase, Business growth, Operational scaling, Technology upgrades, Retail, Specialty stores, Food and beverage, Service-based businesses, Eco-friendly businesses, Sustainable businesses, Production, Manufacturing, Artists, Makers, Technology-based startups

Region: Antrim County, Michigan, United States, Benzie County, Michigan, United States, Charlevoix County, Michigan, United States, Emmet County, Michigan, United States, Grand Traverse County, Michigan, United States, Kalkaska County, Michigan, United States, Leelanau County, Michigan, United States, Manistee County, Michigan, United States, Missaukee County, Michigan, United States, Wexford County, Michigan, United States, Northwest Michigan, United States

Eligibility:
– Business must be headquartered in one of the following Northwest Michigan counties: Antrim, Benzie, Charlevoix, Emmet, Grand Traverse, Kalkaska, Leelanau, Manistee, Missaukee, or Wexford.
– Open to all businesses; those directly contributing to the region’s economic growth and innovation are particularly invited.
— This includes retail and specialty stores, food and beverage businesses, service-based businesses, eco-friendly and sustainable businesses, production and manufacturing, artists and makers, and technology-based startups.
– Individuals who are traditionally less represented in business ownership are especially encouraged to apply.
– The business owner must be 18 years of age or older.
– Awardees of the grant agree to participate in a 30-minute coaching session with the 20Fathoms Startup Support Team.
– Awardees will be asked to periodically share updates about their business to support required reporting.
– Ineligible Businesses:
— Consultants and independent contractors.
— Businesses that have already received a Small Business Support Grant from any Hub in the state of Michigan.
— Businesses not registered in the specified Michigan ten-county region.

Benefits:
– Direct financial support averaging $4500.
– 16 grants of $4500 will be awarded.
– Funds are for specific purchases of assets that will have a meaningful impact on business growth, such as essential items, software, or products contributing to immediate business expansion, operational scaling, or technology upgrades.

Deadline: Ongoing

Terms:
– Asset Purchase: The grant funds are designated for acquiring tangible or intangible assets like equipment, software, or specific products that directly enhance business operations or growth capabilities. This excludes general operating costs, marketing, or building renovations.
– LARA ID: This refers to the business identification number issued by the State of Michigan’s Department of Licensing and Regulatory Affairs (LARA) when a business is registered. If registered with a county clerk, the ID number from the Certificate of Assumed Name is used.
– Michigan SBDC: The Michigan Small Business Development Center, one of the partner organizations. SBDCs offer resources and guidance to startups and existing small businesses.
– Coaching Session: A mandatory 30-minute session with the 20Fathoms Startup Support Team for all grant awardees, aimed at providing further guidance and support.
– Northwest Michigan: Refers to the specific 10-county region in Michigan where applicant businesses must be headquartered: Antrim, Benzie, Charlevoix, Emmet, Grand Traverse, Kalkaska, Leelanau, Manistee, Missaukee, or Wexford.