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20Fathoms awarded millions in grants to support startups and small businesses

TRAVERSE CITY — 20Fathoms says they have been awarded two grants to support the growth of tech startups and small businesses in Northwest Michigan.

One is a $3.3 million grant from the Michigan Economic Development Corporation’s Small Business Support Hubs program, and the other is $4 million in grants and matching funds from the U.S. Economic Development Administration Build to Scale Venture Challenge grant.

20Fathoms says the funding will help them implement a 3-year strategic growth plan:

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  • Expanding from the Grand Traverse to all of Northwest Michigan including Petoskey, Charlevoix, Cadillac, and Manistee
  • Providing all 10 counties in the region with resources to support small business owners
  • Partnering with local organizations like Odawa Economic Development Management Inc., Venture North, Small Business Development Center Northwest Region, Northern Lakes Economic Alliance, Traverse Connect, Northwestern Michigan College, Michigan Tech University, Northern Michigan Angels, and TCNewTech
  • And more

“There are a lot of people who have been working hard to make this region a place where you can establish and scale a business,” said Eric Roberts, Executive Director of 20Fathoms. “The investment we’re receiving from both the state and federal level not only validates the work we’ve done, but also shows their trust in our ability to scale the entrepreneurial ecosystem in our part of the state.

If you’re interested in the opportunities at 20Fathoms, you should complete the interest form. 20Fathoms is especially looking for people with a background in startups, business, and technology or an enthusiasm for these areas.

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