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Grand Rapids Business Journal
Courtesy The Right Place
One year after it was announced, the New Community Transformation Fund has secured $8.5 million from stakeholders looking to invest in Grand Rapids-area companies owned by people of color and is on its way to hitting the $10 million mark.
The venture fund NCTF, announced by The Right Place on Jan. 23, 2020, is aimed at boosting businesses owned by people of color in West Michigan, and it is nearing the first organizational milestone of raising $10 million, thanks to an investment of an undisclosed amount from Bank of America announced Jan. 26.
The $10 million figure is important, NCTF said, as it is the amount of capital raise necessary for the fund to make its first investments in businesses owned by people of color.