$48,000 Awarded to Northwest Michigan Small Businesses through 20Fathoms and Venture North Partnership 

20Fathoms and Venture North are pleased to announce the recipients of just over $48,000 in small business grants. Most of the following Northwest Michigan businesses received approximately $4,500.

The recipients were selected based on their company’s strategic need for funds, as well as the expected impact on the local economy. Applications were reviewed by a committee of small business support professionals representing Grove Community Incubator, Northern Lakes Economic Alliance, and 20Fathoms.

Grants were distributed to businesses throughout Northwest Michigan, with a particular focus on supporting those founded by individuals who are traditionally underrepresented in entrepreneurship. The selected businesses include a disabled-owned business, Indigenous-owned business, and 60% of recipients are women-owned businesses.

Azure Klug, Owner of Water Bearer Coffee in Traverse City, is one of the entrepreneurs who received a grant. Water Bearer Coffee is a coffee shop in downtown Traverse City. The shop offers coffee beverages, fresh squeezed juices, and food items ranging from bagels to sandwiches and burritos.

In addition to the coffee shop’s storefront, Azure often partners with other local businesses. For example, she collaborated with Carolyn at Intimi for Ladies Night and Allie at Blessed Be Tea for Witches Night. “Using this grant money I really want to be able to do more in the community and not be so tied down to our physical storefront,” said Azure. She plans to use the money to purchase a coffee cart that will allow her to do special events in the community.

Azure shares that like many small businesses, Water Bearer Coffee experiences the seasonal shifts in Traverse City, with less business in the wintertime as locals depart and tourism drops. Finding funding to invest in the business has been challenging as a newer business owner, Azure shared; most traditional capital from banks requires businesses to have been in operation for at least three years. The small business grant from 20Fathoms and Venture North will help her invest in long-term sustainability for her business, and benefit from increased flexibility as a working parent.

“I’m really excited about this new venture and I’m super appreciative,” she said. Having outside support is so paramount! A lot of small businesses don’t have the money lying around to take on another passion project.”

This funding was made possible through a regional collaboration between 20Fathoms, Michigan SBDC, Northern Lakes Economic Alliance, Traverse Connect, and Venture North to bring support and resources to entrepreneurs and small business owners in the region. These grants have been made possible by the Michigan Economic Development Corporation under the Small Business Support Hub program, a one-time funding opportunity.

As part of this initiative, four application cycles were held to distribute direct grants to local businesses in Northwest Michigan. This was the fourth and final round of direct grants. Indigenous entrepreneurs who participated in the Indigenous Business & Marketing Essentials bootcamp also received grants through this program, bringing the funding disbursed through this program to $300,000 in total.