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Applications being accepted for annual Detroit Demo Day

Associated Press

Detroit – An annual competition that showcases Detroit-based entrepreneurs is once again accepting applications for its Rocket Mortgage Detroit Demo Day.

The fourth annual competition will provide more than $1 million in funding in the form of grants, interest-free loans and equity investments that range from $30,000 to $200,000.

Applicants must be for-profit businesses with products or services available for sale. Businesses cannot have exceeded $2 million in annual revenue or raised more than $1 million in capital.

Companies must be based in Detroit or committed to relocating to the city. Applications can be submitted through Aug. 9. Finalists will be announced in September. Their video pitches will go live in October.

Viewers will be able to vote online for their favorite business in each category.

The coronavirus pandemic has forced entrepreneurs across the world to be more adaptable and resilient than ever before, according to Laura Grannemann, vice president of the Quicken Loans Community Fund.

The fund is the philanthropic arm of Rocket Mortgage.

“While this year’s Detroit Demo Day has also required transformation, during difficult times it is even more important that we provide local small businesses with the resources they need to adapt and persevere so that Detroit remains the ambitious, entrepreneurial city we all know and love,” Grannemann said.