Diverse entrepreneurs engaged in collaboration to foster business growth.
The New Community Transformation Fund (NCTF) has announced new investments in four minority-owned businesses, reflecting its ongoing commitment to diversity and economic growth in Michigan. The invested companies include Holo Footwear, Hummus Goodness, Honeycomb Credit, and Gildform, aiming to support emerging entrepreneurs of color. NCTF has now invested a total of $3.7 million since its inception, demonstrating its dedication to creating economic opportunities within the state’s business landscape.
Grand Rapids – The New Community Transformation Fund (NCTF), a venture capital fund established in 2020, has announced its latest investments in four minority-owned businesses. The fund, founded by Birgit Klohs and Skot Welch, is dedicated to supporting emerging, early, and mid-stage businesses in Michigan that are led by people of color. The latest investments were made in Holo Footwear, Hummus Goodness, Honeycomb Credit, and Gildform, although the exact dollar amounts allocated to each business have not been disclosed.
NCTF aims to provide funding of up to $1.5 million to businesses in need of capital to grow and succeed. Klohs has highlighted the essential role that financial support plays for new entrepreneurs, noting that launching a business without sufficient funding can be nearly insurmountable. This investment initiative represents NCTF’s continued commitment to fostering diversity and inclusion within the business landscape of Michigan.
Holo Footwear is a Latino-owned company based in Grand Rapids, co-founded in 2020 by Rommel and Yuri Vega. The business emphasizes the production of sustainable, accessible, and affordable sneakers, bringing a unique approach to the footwear market in Michigan.
Hummus Goodness, located in Birmingham, Michigan, is a Middle Eastern-owned consumer food company. Founded in 2019 by Hannah Awada and Lara Lozer, the company is dedicated to crafting fresher and tastier hummus by using only natural ingredients. This focus on quality aligns with current trends among consumers who seek healthier, cleaner food options.
Honeycomb Credit, an innovative loan platform based in Pittsburgh, operates by helping underserved entrepreneurs gain access to essential capital through crowdfunding methods. This model aims to empower small business owners in underrepresented communities and facilitates their growth and development.
Gildform, a Detroit-based venture, specializes in print-on-demand jewelry design and manufacturing. The platform assists brands by transforming their jewelry concepts into actual products, thereby streamlining the production process for designers and makers looking to enter the jewelry market.
With these four new investments, NCTF has now invested a total of $3.7 million into eight companies since its inception. This milestone underscores the fund’s mission to create economic opportunities and enhance community development through targeted financial support.
Adding to the momentum, the Michigan Capital Network has recently been selected as one of 18 investment firms by the U.S. Department of Defense. This groundbreaking designation allows the firm to participate in a critical technologies initiative aimed at fostering innovation and ensuring that next-generation technologies are developed in partnership with a diverse group of entrepreneurs.
In a move to further bolster its mission, NCTF is also planning a second fund with a total of up to $20 million, supported by a state commitment of up to $9.8 million. This fund is specifically designed to assist entrepreneurs of color, reinforcing NCTF’s commitment to enhancing diversity within Michigan’s business ecosystem.
As the New Community Transformation Fund continues to seek out promising minority-owned businesses, their strategic investments aim to empower entrepreneurs, stimulate economic growth, and foster a more inclusive future for Michigan’s business environment. Through focused funding and ongoing community support, NCTF strives to create a sustainable impact that reverberates throughout the local and state economy.
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