Largest bank employer in Metro Detroit doubles down on small business in the Motor City
DETROIT, June 7, 2019 /PRNewswire/ -- Comerica Bank, the longest-serving bank in Michigan for 170 years, is excited to announce a new, $100,000 donation to the winner of the 2019 Comerica Hatch Detroit Contest. The record amount in startup funds will go toward opening a brick and mortar business in Detroit, Hamtramck or Highland Park. In addition to Comerica's $100,000 investment, the bank will also double its organizational support to Hatch Detroit with a supplementary $40,000 donation.
"We view our relationships with small businesses as crucial investments into our communities," said Michael T. Ritchie, Comerica Bank Michigan President. "We are proud of our partnership with Hatch Detroit for the past seven years, and we are most delighted to see how well previous winners and alumni are succeeding. Our goal is to help our communities thrive, and we believe this will continue planting successful retail businesses in and around Detroit."
In addition to startup funds, the 2019 Comerica Hatch Detroit Contest winner will receive a comprehensive package of accounting, legal, IT and public relations support from Hatch Detroit and its partners.
"The Comerica Hatch Detroit Contest is a catalyst for economic development in Detroit's neighborhoods," says Vittoria Katanski, executive director, Hatch Detroit. "Independent retail helps define the character and personality of city neighborhoods. Together with partners such as Comerica Bank, Hatch Detroit can continue to support independent retail while introducing 10 of the year's best business concepts."
The 2019 Comerica Hatch Detroit contest officially kicks off Friday, June 7 when entrepreneurs can begin submitting their business plans online at HatchDetroit.com/apply through July 31.
The Top 10 businesses will be announced once the submission period ends, and two rounds of public voting will follow, including a Top Ten and Top Four – allowing the Detroit community to vote for the business they believe is worthy of the $100,000 top prize.
The Comerica Hatch Detroit Contest concludes Thursday, October 17 with the annual "Hatch Off" at Ford Field in the Comerica Gridiron Club.
KEY COMERICA HATCH DETROIT DATES:
June 7: Submissions Begin
July 31: Submissions End
September 27: Top 10 Announced; Voting Starts
October 3: Top 10 Voting Ends
October 4: Top 4 Announced and Voting Begins
October 10: Top 4 Voting Ends
October 17: Hatch Off
Few neighborhood retail competitions compare to the Comerica Hatch Detroit Contest, given the many success stories and excitement generated year after year. Six of the eight winners serve Detroiters in neighborhoods such as Midtown, Corktown and West Village, including Hugh (2011), La Feria (2012), Batch Brewing Company (2013), Sister Pie (2014), Live Cycle Delight (2015) and Meta Physica Massage (2016). 2017 winner Baobab Fare, is scheduled to open its doors in 2019, and 2018 winner Toma Detroit is scheduled to open in 2020.
42 Hatch alumni businesses have opened since the Comerica Hatch Detroit Contest began in 2011, and Hatch Detroit has provided more than $1 million of in-kind services to both contest winners and alumni.
Since Comerica Bank's partnership with Hatch Detroit began in 2012, Comerica has awarded a total of $350,000 in startup funding, with each winner earning $50,000. In 2018, Comerica Bank provided an additional $20,000 in organizational support, making for a collective investment of $370,000 into Detroit's premier retail competition.
The Comerica Hatch Detroit Contest encourages crowd entrepreneurship to ensure residents have a voice in helping to decide the type of retail they want in their community. Nearly 2,000 business submissions have been made over the past eight years, and the public has cast 520,000 votes.
About Comerica Bank
Comerica Bank, a subsidiary of Comerica Incorporated, has served Michigan longer than any other bank with a continuous presence dating back 170 years to its Detroit founding in 1849. It is the largest bank employer in metro Detroit and has more than 4,800 employees (FTE) statewide. With one of the largest banking center networks in Michigan, Comerica nurtures lifelong relationships with unwavering integrity and financial prudence. Comerica positively impacts the lives of Michigan residents by helping customers be successful, providing financial support that assists hundreds of charitable organizations, and actively participating in Detroit's downtown revitalization. Comerica Incorporated (CMA) is a financial services company strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Follow on Facebook at www.facebook.com/Comerica and Twitter @ComericaBank.
About Hatch Detroit
Hatch Detroit is a Michigan based 501(c)(3) organization supports both existing and new retail initiatives in the cities of Detroit, Highland Park and Hamtramck. Hatch Detroit was founded in 2011 to give residents and aspiring entrepreneurs a voice in the redevelopment of Detroit. Beyond the contest, Hatch Detroit provides funding, exposure and mentoring in support of its alumni entrepreneurs. Together, Hatch Detroit alumni have opened 42 businesses, employ over 500 people, and have invested over $7 million in their businesses. To learn more, visit www.hatchdetroit.com or connect with us on Facebook.
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