Comerica Bank and Hatch Detroit announce the return of the Comerica Hatch Detroit Contest and a donation of $ 100,000 from Comerica Bank to this year’s winner. The competition, which is returning for the first time since 2019, aims to promote the economic development of small businesses in Detroit.
Entrepreneurs with a retail concept who want to open brick and mortar sites in Detroit, Highland Park or Hamtram can now submit their business plans through the Hatch Detroit website by May 12th.
“Over the last decade, Hatch Detroit has become a vital resource for entrepreneurs and small business incubation,” said Mike Richie, president of Comerica Bank Michigan Market. “The impact that Hatch Detroit has had on growth and capacity development across Detroit is leaving an indelible mark on the city’s economic recovery. Entrepreneurs need access to both capital and technical assistance to succeed, and we believe that our partnership can continue to provide a proven platform that helps open up new opportunities for business owners. ”
The four-month competition includes two rounds of public voting – Top 10 and Top 4 – allowing communities to vote for their favorite businesses to win the top prize of $ 100,000 from Comerica Bank, as well as an accounting, law, IT and public relations support package. Hatch Detroit and its partners.
“Since the beginning of the Comerica Hatch Detroit Contest, we have focused not only on starting a single business, but also on creating a whole ecosystem of support that stimulates opportunities for entrepreneurs and creates a network of businesses ready to tackle new startups in Detroit.” said Vittoria Catanski, CEO of Hatch Detroit. “The last two years have added to these challenges, and we work closely with our graduates to keep their doors open. With the great support of our partners, it is time to present this competition to entrepreneurs and support the new growth of business in our city and neighborhoods.
The Comerica Hatch Detroit contest ends on Thursday, July 21, with the annual “Hatch Off”.
Since the partnership between Comerica and Hatch Detroit began in 2012, Comerica Bank and the Comerica Charitable Foundation have provided $ 660,000 in startup funding to support the winners of the annual neighborhood competition, as well as direct funding for Hatch Detroit’s organizational support.
COMERICA EXPANDS PROGRAMMING SUPPORT
Comerica is expanding its investment in competition through economic development programs through technical assistance and financial education. Support will be provided during the Comerica Hatch Detroit competition and the Hatch Detroit and TechTown alumni after the competition.
“Developing economic opportunities, especially in our low-income communities, remains a priority, and our relationship with Hatch Detroit has been a successful resource in promoting small business in Detroit,” said Linda Nosegbe, vice president of Comerica Bank and Southeast External Relations Manager. . “Apart from financial investment, increasing technical assistance throughout the process will help in the overall impact of the competition and the mission to grow entrepreneurship.”
At the start of the 2020 pandemic, Comerica Bank acknowledged the detrimental effects of COVID-19 on small businesses and in return invested $ 100,000 in Detroit’s Hatch to support the organization’s alumni businesses affected by the financial impact. The Hatch Detroit Small Business Alumni Foundation has provided utilities to approximately 40 Comerica Hatch Detroit Contest alumni businesses. In addition to the $ 100,000 investment, the Comerica charity fund also provided Hatch Detroit with $ 50,000 in organizational support.
The Comerica Charitable Foundation works in partnership with communities through investment in education, economic and social development, and human services for those in need.
PARTNERSHIPS TECHTOWN DETROIT-HATCH DETROIT PARTNERSHP
The announcement of the competition in 2022 followed a newly formed partnership between TechTown Detroit and Hatch Detroit. Integration into TechTown’s line of small business services programs will provide a sustainable future for Hatch, creating synergies between the two organizations advocating for and supporting small businesses in and around Detroit. The transition will be led by Hatch CEO Vittoria Katanski.
“Our new partnership with TechTown Detroit will revive our small business incubation in and around Detroit,” Katansky said. “By joining the TechTown program, we believe that our relationship will help further stimulate business growth, help and develop our alumni networks, and lead to a new level of support for the Comerica Hatch Detroit Contest.”
In addition to the competition, Hatch Detroit provides funding, coverage, and mentoring to support its graduate entrepreneurs. Altogether, Hatch Detroit graduates have opened 49 businesses, employ more than 500 people and invested more than $ 7 million in their business. Over the years, the Comerica Hatch Detroit competition has helped launch some of Detroit’s most successful and well-known businesses, including La Feria (2012), Sister Pie (2014), Live Cycle Delight (2015), Meta Physica Massage (2016), Baobab Fare (2017) and 27th Letter Books (2019).
COMERICA HATCH DETROIT KEY DATES:
March 15: start of applications
May 12: Deadline expires
June 16: Announced the top 10
June 17: Voting begins
June 23: Voting for the top 10 ends
June 24: The top 4 is announced and voting begins
June 30: Voting for the top 4 ends
July 21: The winner is announced in Hatch Off
To learn more, visit hatchdetroit.com or techtowndetroit.org.