Agrifood Tech | May 26, 2017

Michigan Good Food Fund has deployed $10.5 million to food startups in the state

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Six Michigan businesses dedicated to healthy eating have received a total of $10.5 million in loans from the $30 million Michigan Good Food Fund since it launched in 2015.

Two initiatives received the bulk of the financing: Grand Rapids-based Diamond Place, a $42 million mixed-use development that includes 100 affordable housing units and a grocery store; and Kalamazoo-based Park Street Market, which is building its second fresh food market.

The Good Food Fund cultivates entrepreneurship and economic opportunity in underserved communities. It’s backed by Capital Impact Partners, Fair Food Network, Michigan State University Center for Regional Food Systems, and the W.K. Kellogg Foundation.

The state of Michigan, and particularly Detroit, has actively combined food and entrepreneurship. Detroit has repurposed vacant and underused spaces forurban farming and communal kitchens.