DETROIT, Aug. 5, 2020 /PRNewswire/ -- Comerica
Bank and Hatch Detroit are expanding upon their longtime
partnership by announcing the Hatch Detroit Small Business Alumni
Relief Fund to support alumni businesses of the Comerica Hatch
Detroit Contest that have been financially affected by COVID-19.
The $100,000 relief fund provides
utility assistance for more than 40 Comerica Hatch Detroit Contest
alumni businesses that have opened since the inaugural contest in
2011.
"Hatch Detroit remains actively engaged with its contest alumni,
providing business support far beyond the funding presented to the
contest winner each year," said Vittoria
Katanski, executive director of Hatch Detroit. "As we've
contemplated how to help our alumni businesses, it became clear
there are not many specific opportunities for small businesses to
apply for utility assistance, and this is often a burden as
revenues stop flowing but the bills continue to roll in. We're
thrilled to partner with Comerica on this first $100,000 of funding, and hopeful other
corporations and foundations will step up to contribute as
well."
The new fund, the first of its kind to support utility
assistance, replaces the annual Comerica Hatch Detroit Contest in
2020. Hatch Detroit will continue
to seek additional funds to provide further support to its small
business network.
Businesses, consumers and foundations who wish to aid in Hatch
Detroit's mission of supporting independent retail businesses
through funding, education, exposure and mentoring can donate to
the nonprofit by visiting www.hatchdetroit.com/donate.
In addition, Comerica has invested an additional $50,000 to provide organizational support to
Hatch Detroit in 2020.
"It's no secret that COVID-19 has hit the Detroit area hard, especially the business
community," said Mike Ritchie,
Comerica Bank Michigan market president. "The pandemic has
undoubtedly affected existing businesses, as well as businesses
that were planning to open. Trying to launch a new business in the
current climate would be extremely difficult, that is why we are
shifting our focus for 2020 to ensure Hatch Detroit alumni continue
to succeed and weather this hardship."
"Comerica Bank has built and maintained outstanding
relationships with Hatch Detroit and countless other small
businesses," Ritchie added. "We're proud to play a role in
Detroit's revitalization and to
help small businesses thrive in neighborhoods across Detroit and the region. It's important that
now, perhaps more than ever, the backbone and lifeblood of our
great city continues to emerge through this global pandemic."
Since Comerica and Hatch Detroit's partnership began in 2012,
one year after the inaugural Hatch Detroit Contest, Comerica has
now contributed more than $650,000 in
startup funding support to the winner of the annual neighborhood
retail competition as well as organizational for Hatch Detroit.
Hatch Detroit has also provided
more than $1 million of in-kind
services to both contest winners and alumni.
Over the years, the Comerica Hatch Detroit Contest has helped
launch some of Detroit's most
successful and well-known businesses, including Sister Pie located
in West Village. Sister Pie owner Lisa
Ludwinski is a 2020 finalist for the prestigious James Beard
Awards in the category of outstanding baker.
Contest alumni all provide a unique approach to providing
essential services in the city, and currently, six of the nine
previous contest winners are serving neighborhoods such as
Corktown, Midtown and West Village.
In addition to contest winners, alumni businesses remain strong
advocates for the neighborhoods they serve by hiring people who
live in the community. More than 500 employees across Hatch
Detroit's 44 businesses reside in Detroit, and Hatch alumni have collectively
invested more than $7 million in
their businesses, while five have either expanded or added an
additional location.
"These small businesses were some of the first to help
revitalize Detroit more than a
decade ago, and they've withstood the test of time to survive in
this up-and-down economy," added Katanski. "We can't, and we won't,
abandon them now – and thanks to all of our incredible partners,
especially Comerica, these entrepreneurs can remain hopeful that
they can stay in business in the years to come."
"For our small business alums that were impacted by COVID-19,
this is a vital time to support them as they continue this fight to
stay open and remain viable," said Ritchie. "The work is far from
over, and as we move forward, it's crucial to provide ongoing
support to Detroit's small
businesses."
About Comerica Bank
Comerica Incorporated (NYSE: CMA)
is a financial services company headquartered in Dallas,
Texas, and strategically aligned
by three business segments: The Commercial Bank, The Retail Bank,
and Wealth Management. Comerica focuses on relationships, and
helping people and businesses be successful. In addition to
Texas, Comerica Bank locations can
be found in Arizona, California, Florida and Michigan, with select businesses operating in
several other states, as well as in Canada and Mexico. Comerica reported total assets of
$84 billion at June 30, 2020.
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