15 businesses are finalists in Detroit Demo Day

The Associated Press

Detroit – Fifteen business owners have been selected as finalists in the Quicken Loans Detroit Demo Day competition.

After making their pitches June 22, seven winners will be selected and will share $1.2 million in funding from the Detroit-based mortgage lender. Funding will be provided as grants, interest-free loans and convertible notes.

The finalists include a pie maker, Afro-Caribbean cuisine food truck, apparel company, and toy and home accessory design company.

The contest is designed to help grow businesses in the city. It recognizes companies that have recently introduced a product or service to market, are more established and trying to expand locally, or are ready to expand into other markets after achieving local success.

Quicken Loans says more than 500 business owners applied to enter Detroit Demo Day.