DETROIT – Comerica Bank and Hatch Detroit kicked off the Comerica Hatch Detroit Contest and that will offer $100,000 to this year’s winner courtesy Comerica. The contest, which is returning for the first time since 2019, aims to promote small business economic development in Detroit by financing actual bricks-and-mortar stores.
Entrepreneurs with a retail concept looking to open in Detroit, Highland Park or Hamtramck can now submit their business plans via the Hatch Detroit website through May 12.
“Hatch Detroit has become a vital resource for entrepreneurs and small business incubation over the past decade,” said Mike Richie, Comerica Bank Michigan Market President. “The impact Hatch Detroit has made on growing and developing opportunities throughout Detroit is leaving an indelible mark on the economic revitalization of the city. Entrepreneurs need access to both capital and technical assistance to succeed, and we believe our partnership can continue delivering a proven platform that helps launch new opportunities for business owners.”
The four-month contest includes two rounds of public voting – Top 10 and Top 4 – allowing the community to vote for their favorite businesses to win the $100,000 grand prize from Comerica Bank as well as a package of accounting, legal, IT and public relations support from Hatch Detroit and its partners.
“Our focus from the very beginning of the Comerica Hatch Detroit Contest was not only to launch one business, but to create an entire ecosystem of support that stimulates opportunities for entrepreneurs and generate a network of businesses who are prepared to navigate the challenges of launching a new venture in Detroit,” said Vittoria Katanski, executive director of Hatch Detroit. “The past two years have added to those challenges, and we worked closely with our alumni keep their doors open. With the tremendous support of our partners, now is the time to present this contest once again to entrepreneurs and support new business growth in our city and neighborhoods.”
The Comerica Hatch Detroit Contest concludes July 21 with the annual “Hatch Off.”
Since Comerica and Hatch Detroit’s partnership began in 2012, Comerica Bank and the Comerica Charitable Foundation have contributed $660,000 in startup funding to support the winners of the annual neighborhood retail competition, as well as direct organizational support funding to Hatch Detroit.
Important Dates To Remember:
March 15: Submissions begin
May 12: Submission period ends
June 16: Top 10 announced
June 17: Voting begins
June 23: Top 10 voting ends
June 24: Top 4 announced and voting begins
June 30: Top 4 voting ends
July 21: Winner announced at Hatch Off
