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
HATCH HISTORY
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 (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
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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SOURCE Comerica Bank