Comerica Hatch Detroit Contest Returns With $100K Donation from Comerica Bank to Benefit Winning Business

Rhea-AI Summary

Comerica Bank announces the return of the Comerica Hatch Detroit Contest, offering a $100,000 prize for a winning business. This initiative, aimed at promoting economic development in Detroit, includes additional support through a $50,000 donation from the Comerica Charitable Foundation. Entrepreneurs can submit business plans until May 12, with public voting in June. Since 2012, the partnership has contributed $660,000 to support local businesses, while a new collaboration with TechTown Detroit aims to enhance small business resources.

Positive

• Return of the Comerica Hatch Detroit Contest with a $100,000 grand prize.
• Comerica has invested $660,000 in startup funding since 2012.
• New partnership with TechTown Detroit to enhance small business support.

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• None.

Hatch Detroit programming bolstered by additional $50,000 Comerica Charitable Foundation donation, economic development programming, new TechTown Detroit partnership

DETROIT, March 15, 2022 /PRNewswire/ -- Comerica Bank and Hatch Detroit announce the return of the Comerica Hatch Detroit Contest and $100,000 donation from Comerica Bank to this year's winner. The contest, which is returning for the first time since 2019, aims to promote small business economic development in Detroit.

Entrepreneurs with a retail concept looking to open a brick-and-mortar location in Detroit, Highland Park or Hamtramck can now submit their business plans via the Hatch Detroit website through May 12.

"Hatch Detroit has become a vital resource for entrepreneurs and small business incubation over the past decade," said Mike Richie, Comerica Bank Michigan Market President. "The impact Hatch Detroit has made on growing and developing opportunities throughout Detroit is leaving an indelible mark on the economic revitalization of the city. Entrepreneurs need access to both capital and technical assistance to succeed, and we believe our partnership can continue delivering a proven platform that helps launch new opportunities for business owners."

The four-month contest includes two rounds of public voting – Top 10 and Top 4 – allowing the community to vote for their favorite businesses to win the $100,000 grand prize from Comerica Bank as well as a package of accounting, legal, IT and public relations support from Hatch Detroit and its partners.

"Our focus from the very beginning of the Comerica Hatch Detroit Contest was not only to launch one business, but to create an entire ecosystem of support that stimulates opportunities for entrepreneurs and generate a network of businesses who are prepared to navigate the challenges of launching a new venture in Detroit," said Vittoria Katanski, executive director of Hatch Detroit. "The past two years have added to those challenges, and we worked closely with our alumni keep their doors open. With the tremendous support of our partners, now is the time to present this contest once again to entrepreneurs and support new business growth in our city and neighborhoods."

The Comerica Hatch Detroit Contest concludes Thursday, July 21 with the annual "Hatch Off."

Since Comerica and Hatch Detroit's partnership began in 2012, Comerica Bank and the Comerica Charitable Foundation have contributed $660,000 in startup funding to support the winners of the annual neighborhood retail competition, as well as direct organizational support funding to Hatch Detroit.

COMERICA EXPANDS PROGRAMMING SUPPORT

Comerica is expanding upon its investment of the contest with economic development programming though technical assistance and financial education. Support will occur during the Comerica Hatch Detroit contest and with both Hatch Detroit and TechTown alumni following the contest.

"Developing economic opportunities, especially in our underserved communities, remains a priority and our relationship with Hatch Detroit has been a successful resource in helping launch small businesses in Detroit," said Linda Nosegbe, Comerica Bank Vice President and Southeast External Affairs Manager. "Beyond investing financially, elevating technical assistance throughout the entire process will aid in the overall impact of the contest and the mission focused on entrepreneurial growth."

At the start of the pandemic in 2020, Comerica Bank recognized the detrimental impact of COVID-19 on small businesses, and as a response invested $100,000 to Hatch Detroit to support the organization's alumni businesses that had been financially impacted. The Hatch Detroit Small Business Alumni Relief Fund provided utility assistance for approximately 40 Comerica Hatch Detroit Contest alumni businesses. In addition to the $100,000 investment, Comerica Charitable Foundation also provided Hatch Detroit $50,000 in organizational support.

Comerica Charitable Foundation works to partner with communities through investments in education, economic and community development, and human services for those in need.

TECHTOWN DETROIT-HATCH DETROIT PARTNERSHP

The 2022 contest announcement comes on the heels of the newly-formed partnership between TechTown Detroit and Hatch Detroit. The integration into TechTown's small business services program lineup will provide a sustainable future for Hatch while creating synergies between the two organizations which both champion and support small businesses in and around Detroit. Hatch Executive Director Vittoria Katanski will manage the transition.

"Our new partnership with TechTown Detroit will reinvigorate our incubation of small businesses in the City of Detroit and its neighborhoods," said Katanski. "By integrating into TechTown's programming, we believe our relationship will help further stimulate business growth, assist and build upon our networks of alumni, and bring a new level of support to the Comerica Hatch Detroit Contest."

Beyond the contest, Hatch Detroit provides funding, exposure and mentoring in support of its alumni entrepreneurs. Together, Hatch Detroit alumni have opened 49 businesses, employ over 500 people and have invested more than $7 million in their businesses. Over the years, the Comerica Hatch Detroit Contest has helped launch some of Detroit's most successful and well-known businesses, including, La Feria (2012), Sister Pie (2014), Live Cycle Delight (2015),Meta Physica Massage (2016), Baobab Fare (2017) and 27^th Letter Books (2019).

KEY COMERICA HATCH DETROIT DATES:
March 15: Submissions begin
May 12: Submission period ends
June 16: Top 10 announced
June 17: Voting begins
June 23: Top 10 voting ends
June 24: Top 4 announced and voting begins
June 30: Top 4 voting ends
July 21: Winner announced at Hatch Off

About Comerica Bank  
Comerica Bank, a subsidiary of Comerica Incorporated, has served Michigan longer than any other bank with a continuous presence dating back over 172 years to its Detroit founding in 1849. It is the largest bank employer in metro Detroit and has approximately 4,600 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 Commercial 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 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 an opportunity to have a voice in neighborhood retail development and joined TechTown Detroit's suite of entrepreneurial programs and services in 2022. Beyond the contest, Hatch Detroit provides funding, exposure and mentoring in support of its alumni entrepreneurs. With support from Hatch Detroit, 49 alumni have opened businesses. They employ over 500 people and have invested over $10 million in economic development. To learn more, visit hatchdetroit.com.

About TechTown Detroit
TechTown is a nonprofit business service organization that provides programs, education and resources for early- to growth-stage small businesses and tech entrepreneurs. By building bridges for entrepreneurs to succeed, TechTown is accelerating an inclusive economy for Detroit and Southeast Michigan. Since 2007, TechTown has supported more than 4,500 companies, which created 1,600 jobs and raised more than $172 million in startup and growth capital. For more information, visit techtowndetroit.org.

 

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SOURCE Comerica Bank

FAQ

What is the Comerica Hatch Detroit Contest?

The Comerica Hatch Detroit Contest is a competition that offers a $100,000 prize to promote small business development in Detroit.

How much funding has Comerica Bank provided to the contest?

Since 2012, Comerica Bank has contributed $660,000 in funding to support the winners of the Comerica Hatch Detroit Contest.

When is the deadline for submissions to the Comerica Hatch Detroit Contest?

The deadline for entrepreneurs to submit their business plans is May 12.

What is the role of TechTown Detroit in the Hatch Detroit Contest?

TechTown Detroit has partnered with Hatch Detroit to enhance resources and support for small businesses.

What kind of support do contest winners receive?

Winners receive a $100,000 prize and assistance with accounting, legal, IT, and public relations.