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Southfield allocates bailout funds to support Centrepolis business accelerator

Southfield allocates bailout funds to support Centrepolis business accelerator

(Town of Southfield, September 12, 2022)

Southfield, MI – Southfield City Council has approved a resolution authorizing the use of $750,000 of the City of Southfield’s $9,819,555 US Bailout Allocation for the Centerpolis Accelerator to support the evolving Southfield’s underserved entrepreneurs into a strong community through education, resources and mentorship.

Southfield, along with Michigan’s other largest cities, is still grappling with the negative effects of largely empty office buildings as workers work remotely — with no predictable end date for the COVID pandemic. The effects of the pandemic have been far-reaching across all industries, but it seems clear that Covid-19 has fundamentally changed the way business is done. Many workers have left their traditional offices to seek to start their own business.

“Southfield Business Development has identified the need to provide greater support to emerging small business owners and has created a pilot program, Southfield Evolution Lab,” commented Shelly Freeman, Director of Business and Economic Development. “Evolution Lab builds on our success with Centrepolis Accelerator @ Lawrence Technological University. Leverage resident experts to provide clear and direct support to guide the evolution of underserved Southfield entrepreneurs into a strong community through education, resources and mentorship.

Southfield City Council approved the initial commitment of $150,000 at the regular city council meeting on November 8, 2021. These dollars were matched to the New Economy Initiative’s Inclusive Small Business Network Fund, creating a dynamic initiative that truly supports small, micro-businesses, 1-50 employees, located in Southfield and Wayne County, classified as undeserved businesses (run by people of color, women, veterans, people with disabilities) or located in struggling communities.

The Micro Makers Evolution Lab provides impactful business and technical support to small businesses (1-4 employees), especially physical product manufacturers and small goods manufacturers located in the City of Southfield and Wayne County. Seasoned experts offer product development services to help launch new products; manufacturing operational efficiencies and scale-up of existing products, as well as marketing, sales support, intellectual property (patents, trademarks, copyrights), repayable grants and loans and fundraising assistance to help businesses increase revenue.

Centrepolis staff have developed a comprehensive financing program capable of leveraging investment to match with other loan and equity financing partners to bring additional capital to our clients. Centrepolis will provide up to $10,000 in interest-free loans to support the business and technical stages of selected underserved micro-enterprises. Micro Makers Evolution Lab is open to qualified startups, established small businesses, inventors and product developers. To apply, click on the following link https://www.centrepolisaccelerator.com/Programs/NEI-Micro-Makers.

Micro Makers Evolution Lab & Centrepolis Accelerator Success Metrics

In the past 10 months alone, the Micro Makers Evolution Lab has already received over 100 inquiries, hosted over 250 client meetings, served 32 Southfield clients, 11 of which have received funding of over $630,000 in total commitments. Since its inception, the Centrepolis Accelerator has worked with over 375 companies, created over 360 new jobs, commercialized over 150 products, resulting in $80 million in revenue/new investment.

About the Centrepolis Accelerator

The Centrepolis Accelerator, housed in Lawrence Technological University’s Enterprise Center in Southfield, offers 6,300 square feet of state-of-the-art business support for physical product developers and manufacturing companies, a unique niche among technology accelerators. the Detroit area. Clients include manufacturing startups and existing companies looking to take product innovation to the next level. Services include access to offices, coworking spaces, workshops, mentors, business planning services, labs and equipment for digital product design and prototyping, and reality labs virtual and mixed reality.

For general information, contact Southfield Business Development at (248) 796-4120 or visit www.centrepolisaccelerator.com.

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