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.
Round 27 Applications will open from March 1st through April 1st, 2024.
Who can apply?
  • New businesses opening their first location in Detroit that have a clear budget, have made investment in their business, and need additional funding
  • Existing businesses opening an additional location in Detroit that have a clear budget, have made investment in their business, and need additional funding
  • Open businesses expanding in the space they currently occupy are not eligible to apply for the Cash Track
What is the goal of the track?
  • Identify and secure additional funding
  • Complete construction and open the new business
How do we do it?
  • Facilitate loans with lending partners and help locate additional funding
  • Financial planning and project management assistance
  • Gap funding grants of up to $100,000
  • Requires 10% owner equity, grants generally do not exceed 50% of total project cos
Connecting with Funders

Networking & Seminars

Applicants to the Cash Track will be invited to engage with community lending partners at Lender Networking Events during the evaluation process. Even if your business is not awarded a grant, MCM aims to connect you with the funding resources that will help your business succeed.

Close Project Financing Gap

Loans & Grant Funding

Business owners that have invested in their project, secured some funding, but still need additional financing to close a gap, are great candidates for Cash Track. MCM staff will work with awardees to apply for, get approved, and close the loans they need before disbursing grant funds.

Be Part of A Network

Publicity Boost

Open Motor City Match awardees will be listed on the MCM website and promoted through Motor City Match, DEGC, and Detroit Means Business features.

500,000

in Grants

2,700,000

in additional investment

87

Minority Owners
Menu

Frequently Asked Questions

Do I receive feedback on my application and project if I do not receive a grant?

  • Yes, our team will provide advice as to how your project can acquire the necessary equity investment or loan financing to qualify your project for a grant.
  • Applicants are encouraged to receive a 2nd or 3rd professional opinion on their business plan, financial statements, and project budget before apply for the Cash track, in addition to attending Motor City Match information sessions.

How much funding do Motor City Match grants provide?

  • Motor City Match grants can provide up to 50% of the total project costs, capped at a maximum of $100,000. Awardees must have the ability to invest a minimum for 10% of the total project costs in their own equity.
  • Motor City Match grants are need based – if your project can secure all of the necessary funding to complete construction without a grant, a grant will not be awarded

Do I have to take on loans?

No. Cash grants can be made to projects that do not take on a loan. However, Motor City Match will not consider awarding a grant to a project unless an applicant can demonstrate with a strong degree of certainty that all necessary funding can be secured. Motor City Match will facilitate introductions to community lenders to help applicants determine if loan funds are available, but applicants are not obligated to take on a loan if necessary funding is available from other sources

What does my business need to win a Motor City Match Cash grant?

  • Great applications can show a detailed budget that spells out clearly the total costs of the project, the funding already secured, and how much additional funding is necessary to complete the project.
  • Great applications include estimates and multiple bids for construction, completed design drawings, and a detailed timeline for project compeltion.

How are Motor City Match grants decided?

Initial applications are scored based on 100 point scale based on 5 criteria listed below. Up to 40 finalists will be selected based on initial application scores. Finalists are required to complete a supplemental application, site visit, and finalist workshop. The finalist process aims to determine the feasibility, readiness, and financial need of each project.