The Motor City Match connects new and expanding businesses with services and space to grow, providing them with the funding and tools to fuel the city’s entrepreneurial revolution.
Donor Name: Motor City Match
State: Michigan
City: Detroit
Type of Grant: Program
Deadline: 04/02/2023
Size of the Grant: $50,000
Details:
Motor City Match is designed to assist Detroit entrepreneurs at critical stages of their business development – from idea to open.
Program Goals
- Create economic mobility for Detroiters through entrepreneurship – increase incomes and grow wealth
- Distribute program resources equitably – focus on low to moderate income Detroiters and underserved entrepreneurs
- Create jobs for low to moderate income Detroiters and underserved communities
- Increase access to capital for minority and women owned businesses
- Eliminate blight by re-activating currently vacant space
Program Tracks
- Plan Track: Chart your course towards success through the development of a comprehensive business plan and standard financial statements.
- Develop Track: Understand how a brick and mortar location may play a role in the growth and profitability of your company. Gain a sense of the type and location of a brick-and-mortar location that may suit you.
- Design Track: Develop the design and layout of your future commercial business location. Follow the blueprint of your retail space towards the stages of implementation and opening.
- Cash Track: Close your financing gap and open your business to the public with the support of our matching grants, partner loan financing, and general consulting services.
- ReStore Track: Access grant funding and related business services for your existing brick and mortar Detroit business.
How it works
- Get business formalized and transactional earlier
- Help businesses find the space appropriate to their model
- Communicate clearly with awardees and partners
- Provide need-based technical assistance
- Provide subject-specific workshops
- Facilitate loans from community lenders by focusing on capital readiness
- Provide gap funding through grants of up to $100,000
- Make connections to other business service organizations
Two Types of Awards for Business Owners
Awards are funded with contributions from philanthropic partners and allocations from federal, state, and city sources. Awards are subject applicable compliance regulations and guidelines:
- Technical Assistance Awards
- The Plan, Develop, & Design Track Awards offer business services, architectural design services, one-on-one consulting, and group classes & seminars.
- Technical Assistance Awards do not include any direct cash assistance to awardees – instead, the program reimburses qualified technical assistance providers directly for services provided to awardees.
- Financial Assistance Awards
- The Cash and Restore Tracks Award offers gap-funding grants of up to $100,000
- Awardee businesses must contribute a minimum of 10% of the total project costs in equity investment
- Financial Assistance Award Grants will not exceed 50% of total project costs
- Cash Track Grants are an average of $50,000
- Restore Track Grants are an average of $25,000
Eligibility Criteria
- New businesses seeking to open in the city of Detroit in a currently vacant commercial space.
- New businesses just starting out that are not yet operational
- Operational businesses opening in their first permanent location
- Operational businesses opening a new, additional location
- Applicants must also be:
- For-profit businesses connected to Detroit by residency or location.
- Connected by residency
- Businesses applying to the Plan or Develop Track that do not have a location in Detroit must be residents of the city of Detroit to be eligible
- Connected by location:
- Businesses applying to the Plan or Develop Track that are not owned by a Detroit resident must regularly operate from a location in Detroit – example, a vendor at Eastern Market
- Businesses applying to the Design or Cash Track must have a location secured in the city of Detroit with a letter of intent, lease, deed, land contract, or other legal claim.
For more information, visit Motor City Match.
