DETROIT, Oct. 21, 2019 /PRNewswire/ -- Your next new
independent bookstore in Detroit
will be 27th Letter Books, after the up-and-coming small business
came away victorious in the 2019 Comerica Hatch Detroit
Contest.
27th Letter Books, owned by Drew and
Erin Pineda, was announced the winner of the Comerica Hatch
Detroit Contest at the 'Shark Tank' style Hatch Off event. The
independent bookstore will aim to open a brick and mortar location
in Detroit's Jefferson-Chalmers neighborhood.
The Pinedas served in the U.S. Air Force and originally met
while at the U.S. Air Force Academy in
Colorado Springs, Colorado. Erin
continues to serve part-time as an officer in the Air Force
Reserves.
Inspiration for 27th Letter Books began while Drew, a three-time
collegiate boxing champion, underwent chemotherapy as he battled
non-Hodgkin's lymphoma.
The independent bookstore inspires to connect people through
stories, highlighting excellent writing and underrepresented
voices, while also offering audio recording space.
"We know we'll see great things from 27th Letter Books and their
contributions to the small business community here in the city,"
said Vittoria Katanski, executive
director of Hatch Detroit. "This year's Comerica Hatch Detroit
Contest was incredibly close. We look forward to supporting 27th
Letter Books alongside each of our Top 10 semifinalists as they
work toward opening their doors."
Forty-four businesses have opened a brick and mortar location in
either Detroit, Hamtramck or Highland Park since the contest began nine
years ago, including winners Hugh (2011), La Feria (2012), Batch
Brewing Company (2013), Sister Pie (2014), Live Cycle Delight
(2015), Meta Physica Massage (2016), Baobab Fare (2017) and Toma
Detroit (2018).
"We congratulate Drew and Erin for winning this year's Comerica
Hatch Detroit Contest, and we look forward to seeing what's next in
their pursuit to fulfill their dream to join Detroit's thriving entrepreneurial community,"
said Michael T. Ritchie, Comerica
Bank Michigan president. "While this culminates this year's
exciting contest, we know that in many ways it also represents a
new beginning for 27th Letter Books and all of our finalists.
Supported by Hatch Detroit's successful approach to incubating
small business development in Detroit, we have no doubt they will become a
valuable addition to the city's growing independent business
environment."
27th Letter Books was one of 10 semifinalists in the Comerica
Hatch Detroit Contest that were announced to the public for voting
in late September. After nearly 30,000 votes were cast, the
contest's five finalists (27th Letter Books,
Brix Wine and Charcuterie, ILERA
Apothecary, Street Beet and The French Cow) were selected and
introduced to the public. A second round of public voting, which
saw an additional 25,000 votes, was initiated, and each finalist
then pitched their business idea to a panel of judges and a live
audience of their peers during tonight's Hatch Off event.
In addition to the $100,000
business grant from Comerica Bank, 27th Letter Books will also
receive a package of more than $200,000 in pro bono counsel from Hatch Detroit
and its partners, such as architectural, IT, legal and public
relations services.
Comerica Bank's partnership with Hatch Detroit began in 2012,
one year after the inaugural contest. Since then, Comerica has
awarded a total of $450,000 in
startup funding, with each winner earning $50,000, as well as 27th Letter Books' grant of
$100,000 this year. In 2018, Comerica
Bank provided an additional $20,000
in organizational support, making for a collective investment of
$370,000 into Detroit's small business community. Hatch
Detroit has also provided more
than $1 million of in-kind services
to both contest winners and alumni.
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 (NYSE: CMA) is a financial services company
strategically aligned by three business segments: The Business
Bank, The Retail Bank, and Wealth Management. Follow on Facebook:
www.facebook.com/Comerica, Twitter: @ComericaBank and Instagram:
@comerica_bank.
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 44
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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SOURCE Comerica Bank