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Quicken Loans has committed $1 million to strengthen business in Detroit through its inaugural Detroit Demo Day, during which eight small businesses will receive a portion of the funds after participating in a three-round competition, the company recently announced. The competition is open to small businesses either in or willing to move to Detroit.

Businesses interested in competing can apply online through Friday, April 14 at DetroitDemoDay.com. Of the online applicants, 100 will advance to round two, when they will be reviewed by a group of Detroit business leaders and narrowed down to 20. The top 20 will compete in front of a panel of business leaders on Detroit Demo Day, after which the top eight will be announced. The top eight will receive the funds in amounts ranging from $50,000 to $200,000, 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,” says Dan Gilbert, chairman of Quicken Loans, which is based in Detroit. “Quicken Loans is honored to put to work an additional $1 million into the best small businesses in the city of Detroit. 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 eight. I can’t wait to watch it all unfold.”

The Detroit Demo Day will take place Thursday, May 25, 2017 at the Gem Theatre in downtown Detroit.

Quicken Loans Detroit Demo Day Timeline

Round One
Now-Friday, April 14, 2017 at 11:59 p.m. EDT

Applicants complete an online entry form at DetroitDemoDay.com.

Vetting:
Saturday, April 15-Wednesday, April 19, 2017 at 11:59 p.m. EDT

The online applications will be narrowed down to the top 100 by Quicken Loans Detroit Demo Day staff.

Round Two
Thursday, April 20, 2017-Thursday, April 27, 2017 at 11:59 p.m. EDT

The top 100 will be asked to provide further detail related to their business plans.

The top 100 will be reviewed by the Detroit business leader panel who will narrow the field to 20 companies who will all be invited to participate in the Final Round live at Quicken Loans Detroit Demo Day.

Quicken Loans Detroit Demo Day
Thursday, May 25, 2017 at 2:00 p.m.

The 20 finalists will pitch their companies to a panel of nationally recognized business leaders live at Quicken Loans Detroit Demo Day at The Gem Theatre in downtown Detroit.

For more information, please visit www.quickenloans.com.

For the latest real estate news and trends, bookmark RISMedia.com.

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