$45,000 Awarded to Northwest Michigan Small Businesses

Ten local businesses have been selected to receive the first round of grants awarded by 20Fathoms and Venture North. This funding is made possible through a regional collaborative to bring support and resources to entrepreneurs and small business owners in the region.

Each of the following businesses received a $4500 grant:

Grants were distributed to businesses throughout Northwest Michigan, with a particular focus on supporting those founded by individuals who are traditionally underrepresented in entrepreneurship. 60% of recipients are women-owned businesses and one of the participants is a Native American-owned business. Additionally, Native American entrepreneurs who participated in the September 2024 Indigenous Business & Marketing Essentials bootcamp also received grant funding through this program.

“We’re delighted to partner with Venture North to award grants to these 10 businesses,” said David Kronberg, Director of Regional Ecosystem at 20Fathoms. “It was highly competitive and there was a significant number of high-caliber applications that we received. This speaks to the strength of Northwest Michigan’s business community, which is why we at 20Fathoms are so pleased to serve as the regional hub of innovation to support this grant program for small businesses.”

Recipients were selected based on their company’s strategic need for funds, as well as the expected impact on the local economy. As part of the selection process, they completed a business readiness assessment, learned about the Lean Model Canvas and customer discovery process, and completed an interview discussing how the grant would strengthen their revenue and create growth opportunities.

Marta Turnbull, Owner of Motel Bear Lake, is one of the entrepreneurs who received a grant. She purchased the motel in 2023 and has been working with a “women-powered” team to update the motel over the past 18 months to upgrade the rooms and install new technology that streamlines reservations and guest communications.

“One of our biggest expenses has been outsourcing linens,” said Marta. “With this grant, we’ll be able to purchase linens and launder onsite. This is a way we can reduce overhead, while increasing our ability to employ staff during the off-season.”

In addition to creating a welcoming and inclusive destination for out-of-town visitors, Marta has created a new community and event space for Bear Lake locals. A portion of the motel lobby has been converted into a community space that is often used by local organizations. Residents are also welcome to access the swimming pool in the summer.

Marta said her biggest piece of advice for other entrepreneurs is to make time to network and access community resources. “You have to carve out the time to work on this, but you will find so much benefit. When I made time for it, it opened the floodgates of support for our business. I attended a Venture North event and since then I’ve been connected to so many organizations who are there to help us succeed. Before, it felt like we were on our own trying to figure this out. To be brought into the fold of this larger entrepreneurial community with so many resources and contacts has been such a big win across the board.”

“We are delighted to partner with 20Fathoms in supporting the success and of entrepreneurs in northwest Michigan,” said Laura Galbraith, President of Venture North Funding and Development. “We have a shared focus on helping businesses that do not have ready access to capital or technical assistance and may face economic challenges. By combining our efforts we can help lift people, businesses and communities to a position of prosperity. An example of our collaboration is reflected by having two of our existing clients – Danu Hof Farm & Market and Motel Bear Lake – selected for grant support.”

The application period for the next round of grants will be Jan. 12-18. Designed for innovative startups and small businesses headquartered in Northwest Michigan, these grants are highly competitive and will be awarded to 16 small businesses for an average of $4500/each. 

This grant funding was made possible through a new partnership between 20Fathoms, Michigan SBDC, Northern Lakes Economic Alliance, Traverse Connect, and Venture North. In addition to the small business grants, entrepreneurs also have access to business consultations and coaching, educational programming, and support from professional service providers. These services are no-cost thanks to support from the Michigan Economic Development Corporation.

“Small businesses are the backbone of Michigan’s overall economy, which is why it is vital that they are in a position to grow and create jobs in every corner of the state,” said Amy Rencher, SVP Small Business, Michigan Economic Development Corporation. “Access to these funds will provide those traditionally underrepresented in entrepreneurship and small businesses with needed financing to build up their business and embody what it means to Make it in Michigan and build a brighter future for Michiganders.”

This project is being supported, in whole or in part, by federal award number [SLFRP0127] awarded to 20Fathoms by the U.S. Department of the Treasury.