Detroit startups to compete for $1 million in loans

DETROIT (AP) — Startup companies can compete for $1 million in interest-free loans as part of the Quicken Loans Detroit Demo Day.

Businesses have through April 14 to apply online.

The Detroit-based mortgage lender says 100 companies will advance to the second round of the competition. Those companies and their business plans will be judged by a group of city business leaders.

Twenty finalists—in the city or willing to move to Detroit—will be invited to make presentations or give demonstrations May 25 before a panel of nationally recognized business leaders at the Gem Theatre downtown. The top eight will receive $50,000 to $200,000.

Quicken Loans Chair Dan Gilbert says “the most creative, innovative, energy-filled growing small businesses in the city” are being sought for the competition.