This application is for the Cash Award Track – Awardees receive up to $500,000 in grants and loans for up to 15 projects that have secured a location, settled on an appropriate growth plan, and created a design and program specific to that location.
Donor Name: Motor City Match
State: Michigan
City: Detroit
Type of Grant: Grant
Deadline: 05/01/2022
Size of the Grant: $100,000
Details:
Businesses must have money ready to invest, whether it’s their own equity, financing, or both. Loans are facilitated through Motor City Match lending partners.
Cash Award track requirements:
- Business plan or growth plan with sales projections and a realistic revenue model
- Commercial location secured with a signed lease or letter of intent or deed
- A sound understanding of the financial resources necessary to complete the project including the total cost of the project and funding need
- Design specific to location and bids or other documentation that shows the costs for renovation, equipment and other necessary
- Minimum 10% equity to invest in the project.
Awarded submissions will qualify as either a Micro-enterprise (business with 5 or less employees) or small business (more than 5 employees) in compliance compliance with the appropriate regulations for the use of designated City of Detroit and Federal Funding sources.
Building owners that own a vacant commercial space in the city of Detroit and need help activating their space may apply. Building owners should answer application questions by thinking of their building development project as their business.
Funding Information
- The maximum grant award is the lesser of $100,000 or 50% of the total project cost.
Ineligibility
The following individuals are not eligible to apply: Business owners who are:
- employees, elected officials or appointed officials or officers of the City of Detroit government (the City);
- employees or board members of the Detroit Economic Growth Corporation (DEGC);
- employees or board members of the Economic Development Corporation of the City of Detroit (EDC);
- Motor City Match Lending Partners or Jurors;
For more information, visit Motor City Match.
