Detroit Startups Compete For $1 Million In Loans

DETROIT, MI — Startup companies can compete for $1 million in funding as part of the inaugural Detroit Demo Day, a one-day event sponsored by Quicken Loans. Twenty of the best small businesses in Detroit — or those willing to move to the Motor City — will vie for the seed capital in the three-round competition, and the top eight will each receive a share of it.

Applications are open now, and the Detroit Demo Day will take place at the Gem Theatre in downtown Detroit on May 25.

“The lifeblood of a growing business is capital,” Dan Gilbert, chairman of Detroit-based Quicken Loans, said in a news release. “We want the most creative, innovative, energy-filled growing small businesses in the city to ‘bring it’ at Quicken Loans Detroit Demo Day.

“Only the best of the best will win access to our capital,” he said. “Detroit has so many great budding businesses, it will be challenging narrowing it down to the Top 8. I can't wait to watch it all unfold.”

Hundreds of companies are expected to apply for the startup funding through April 14. After initial vetting, the field will be winnowed to 100 that will advance to the second round, where they will further explain their business plans.

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The Round Two companies will be reviewed and judged by a group of successful Detroit business leaders from a variety of industries and sectors. The top 20 will be invited to compete live in front of a panel of nationally recognized business leaders at the May 25 event.

The $1 million in capital will be allocated in amounts ranging from $50,000 to $200,000 to be provided in the form of a five-year, interest-free loan with a one-year payment-free holiday.

Additional capital will be awarded to companies who are crowd favorites – voted on by the Quicken Loans Detroit Demo Day attendees. The event will also serve as a way to introduce entrepreneurs to additional investors, funding and support.

For full details, including eligibility requirements, answers to frequently asked questions, and to apply, please visit DetroitDemoDay.com.

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