Quicken Loans offers $1.2M in funding to Detroit entrepreneurs
Detroit entrepreneurs have the chance to win a slice of $1.2 million in funding for their small businesses.
Quicken Loans Inc. opened applications for its third annual Detroit Demo Day Thursday. Applicants have until the end of April 22 to submit their business plans on DetroitDemoDay.com.
Seven entrepreneurs will receive grants, interest-free loans or equity investments ranging from $50,000-$300,000. Quicken and Detroit business leaders will select 15 finalists to make their pitch live before entrepreneurs at The Fillmore theater on June 14.
Applicants must be based in Detroit or be willing to relocate to the city. The business cannot have more than $2 million in revenue or have raised more than $1 million in capital.
Winners of Demo Day in 2017 have seen their annual revenue grow 41 percent in 2018. They also grew their employment by 51 percent, mostly with Detroiters.
James Chapman, entrepreneur in residence at Quicken affiliate Rock Ventures LLC, emphasized the exposure the competition provides.
Recipients have gone onto score deals on ABC's "Shark Tank" and partnered with the National Football League for Super Bowl weekend.
"The capital is great," Chapman said, "but the exposure is very important. It provides them the chance to share their story to people who may not have known about them."