Detroit-based mortgage lending giant Quicken Loans Inc. recently announced the company will host the inaugural Quicken Loans Detroit Demo Day, the final round of a three-round competition where 20 local small businesses will be narrowed down to eight, all of which will receive a portion of $1 million in capital.
The awards range from $50,000 to $200,000, and will be dispersed in the form of an interest-free debt instrument with a five-year term after a one-year payment-free holiday.
“The lifeblood of a growing business is capital. Quicken Loans is honored to put to work an additional $1 million into the best small businesses in the city of Detroit,” says Dan Gilbert, founder and chairman of Quicken Loans. “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. 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.”
After vetting all the companies that apply, 100 will advance to round two, where the remaining businesses will be asked to provide further detail about their business plans, and be reviewed by a panel of Detroit business leaders from different industries.
The top 20, as chosen by the judges, will have the opportunity to compete live before a panel of nationally-recognized business leaders at Demo Day. Additional capital will be awarded to crowd favorites, as voted on by Demo Day attendees.
The event will take place on Thursday, May 25 at the Gem Theatre in downtown Detroit. Businesses can apply online through Friday, April 14 here.