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| Photo: Freep.com |
Comerica Bank and Hatch Detroit announced the return of The
Comerica Hatch Detroit Contest. The 2016 contest will include an expanded
benefits package for the $50,000 grand prize winner as well as additional
support for entrepreneurs and Hatch Alumni. Comerica is more than doubling its commitment
for the contest, investing more than $125,000 to help launch even more small
business successes in Detroit and help ensure the success of current Hatch Alumni.
“Comerica is
deeply rooted in the Detroit community and we recognize the important role small
businesses are playing in the resurgence of the city,” said Linda Forte, senior vice president and chief diversity
officer, Comerica Bank. “We are proud to be the flagship sponsor of this
contest, which has sparked other small business contests and economic
development in the region.”
The
additional funds will be strategically allocated to enhance the contest and its
alumni through marketing and public relations efforts as well as a series of
business planning sessions hosted by Hatch Detroit in their targeted
neighborhood revitalization areas of Hamtramck, Jefferson East, Grandmont
Rosedale and the Avenue of Fashion. Four workshops are scheduled during the
contest application period:
·
June 2 – Hamtramck
·
June 16 – Jefferson East
·
June 29 – Avenue of Fashion
·
July 7 – Grandmont Rosedale
The free workshops
will provide an opportunity for entrepreneurs to work with established business
owners to strengthen their business ideas, solidify their business plans and
develop a contest application that will make a strong impression on the Detroit
community.
Comerica
Bank has also expanded its commitment for contest alumni. Comerica has
contributed $25,000 to the Michigan Women’s Foundation to establish a
micro-enterprise loan fund offered exclusively to Hatch Alumni to help them meet
short-term funding challenges. Comerica and Hatch Detroit will also host a
business planning workshop later this year tailored to Hatch Alumni to address
challenges related to opening and operating a storefront.
The business competition seeks entrepreneurs with a retail concept to submit their business plans to establish a brick and mortar location in Detroit, Highland Park or Hamtramck. Business applications will be accepted May 2 – July 15, 2016.
The winning
business pitch will take home $50,000 from Comerica Bank, $25,000 in branding
and logo design from global advertising agency Team Detroit, and a package of
accounting, legal, IT, public relations, and counsel from Hatch Detroit and its
partners.
“The
Comerica Hatch Detroit Contest is a catalyst of business competitions. Not only
does it help the winning businesses to establish storefronts, but it introduces
us to the area’s top entrepreneurs,” said Vittoria Katanski, executive
director of Hatch Detroit. “All contest alumni are continuously
encouraged and guided toward opening their doors. The 14 Hatch Alumni who have operating
storefronts and 16 more operating as pop ups or opening soon, proves this
contest is really revitalizing Detroit.”
Hatch
Detroit has experienced tremendous success igniting small business growth since
it launched the contest in 2011. Comerica Bank became the first flagship
sponsor of the contest in 2012 and has provided $200,000 in prize money as well
as public relations and marketing support to Hatch Detroit and the contest
alumni. The contest has garnered 1,400 business submissions with a combined
300,000 public votes that helped crown Hugh, La Feria, Batch Brewing Company, Sister Pie and Live Cycle
Delight as
contest winners, and helped push the doors open for numerous contest alumni
including the Detroit
Institute of Bagels, Detroit Vegan
Soul
and Busted in Detroit.
Click HERE To Submit A Business Plan!
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