GRAND RAPIDS, Mich. — A new "community transformation fund" aims to increase ethnic and racial diversity in business ownership in West Michigan.

The plans were announced Thursday at the Right Place in Grand Rapids. 

Bank of America and the Consumers Energy Foundation have both committed to helping back the fund financially. 

According to fund consultant Kwame Anku, the hopeful business owner would have to be located in West Michigan -- which means support for local entrepreneurs and a possible influx of new business ventures to the region. Anku is the President of New Global Dawn Enterprises, an international business development and strategic growth consulting group. 

Another partner of the transformation fund Skot Welch, president and founder of Global Bridge Builders, said, "We always want to present West Michigan in the best light, and to not be a fly-over city as it relates to talent, entrepreneurial success and economic, equity for everybody."

This year, the fund consultant team will look for family offices, institutional investors and corporate partners. 

The fund is aiming to launch in 2021.  

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