Quicken Loans is one of the biggest companies championing the resurgence of Detroit, consistently dedicating a portion of its funds to the city to bring more life downtown.
Detroit Demo Day follows this same mindset to rebuild the city.
For this new inaugural event, hundreds of startups will be competing for $1 million, leading up to Detroit Demo Day on May 25.
The one-day event will be the final round of a three-round competition where 20 of the best small businesses in Detroit (or willing to move to Detroit) will be narrowed down to the Top 8 who will each receive a portion of the $1 million of Quicken Loans capital, Quicken Loans explained.
"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," said Dan Gilbert, chairman of Detroit-based 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 a thorough vetting process, the top 8 companies will receive $1 million of Quicken Loans capital allocated in amounts ranging from $50,000 to $200,000. The capital will be provided in the form of an interest free debt instrument with a five-year term after a one-year payment-free holiday.
Quicken Loans doesn’t stop there. The nonbank will also award addition capital to companies that crowd favorites—voted on by the Quicken Loans Detroit Demo Day attendees.
The application period is now open, and businesses can apply online through April 14, 2017. Applicants can complete an online entry form at DetroitDemoDay.com.
Quicken Loans has become an integral part of the city’s recovery since moving its headquarters there in 2010. The company's revitalization efforts include investing more than $2.2 billion to purchase and renovate more than 95 commercial properties, accounting for more than 15 million square feet in the city’s urban core.