Wish your community project could receive 50:50 funding?
Crowdgranting can be the answer to that question.
Crowdgranting previously called crowdfunding, is a new program set up through the Michigan Economic Development Corporation (MEDC) in partnership with Detroit based fundraising platform, Patronicity. According to Patronicity, the concept is based around “an effort leveraging broad based low dollar fundraising against a sponsor’s matching grant to improve communities.” So what does that mean for you?
In just a few short months, your community project could be on its way to 50:50 funding match. Communities or non-profits may apply for up to a $50,000 MEDC match to support projects that “activate a public space”. Once the project is approved by the MEDC, the campaign for support from citizens can begin. Projects will receive the match if and only if, the community raises their goal amount in 30-60 days.
Michigan State University Extension partner Northern Lakes Economic Alliance (NLEA) has had much success with helping communities with their crowdgranting projects since its inception last year. The NLEA has completed two projects totaling more than $110,000. One project was the Ellsworth Community Square- a vacant area in the middle of downtown to be turned into a green public space. Second was the Petoskey Community Trail- an in-town Petoskey trail system on property shared by the future Petoskey Community Athletic Complex. The NLEA is also in the planning stages for three other crowdgranting projects in their 4 county region.
“Michigan State University Extension has had a unique relationship with the regional economic development organization Northern Lakes Economic Alliance (NLEA) for more than 20 years. Recognizing the strength of combining resources, this partnership focuses on economic development, entrepreneurship growth and community infrastructure throughout a four-county region in the northwest Lower Peninsula, specifically Antrim, Charlevoix, Cheboygan and Emmet counties. As a result, the NLEA utilizes resources offered through MSU Extension as it provides leadership to state-wide programs sponsored by MSU Extension.”