Quicken Loans Calls On All Entrepreneurs For Detroit Demo Day

The process to stimulate local entrepreneurship is underway at Quicken Loans. The national mortgage firm is seeking applicants for its second annual Detroit Demo Day, where it will distribute $1 million in the form of grants, interest-free loans and equity-like investments.

“We want to see the most innovative companies led by the most driven entrepreneurs taking the stage at Quicken Loans Detroit Demo Day,” James Chapman, Director of Entrepreneurship for Quicken Loans Community Investment Fund (QLCIF), said in a press release. “These are the kinds of companies that help communities throughout Detroit thrive.”

How It Works

Qualified applicants must be for-profit ventures with a ready-for-sale product or service having raised no more than $1 million in capital and achieved no more than $2 million in annual revenue. They also must based in Detroit or committed to relocating.

The QLCIF will accept applications through April 22, at which point it will select 100 semi-finalists on the merits of team composition, competitive advantage, scalability and strategy. A team of local business leaders will select 15 applicants to pitch their ventures live at Detroit’s Music Hall on June 22, and a panel of renowned entrepreneurs will then choose seven winners.

The prizes span $50,000 to $300,000, and additional grants will be awarded to audience nominees.

“Each year, this $1 million investment helps open opportunities for entrepreneurs to have access to the capital and mentorship they need to take their businesses to the highest levels, and in turn create jobs and prosperity for Detroiters,” Chapman said.

Quicken Loans Chairman Dan Gilbert is an investor in Benzinga.

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