Flagstar Bank’s “Pontiac’s Big Idea” Grant Program
Rewarding Big Ideas for Small Businesses
Flagstar Bank’s Investment to Pontiac
Flagstar Bank has committed to investing $10 million into Pontiac as an economic catalyst for both downtown and Pontiac’s greater region. One of the investment projects from Flagstar Bank is “Pontiac’s Big Idea Grant Program” which works with the support and partnership of Main Street Pontiac, the Build Institute and ProsperUS. The grant program puts in $500,000 of funding into the small business community each year, starting in 2017. Small businesses, through a competitive application process, may receive up to $10,000 in the form of a grant. Every year, one $50,000 to $100,000 grant may be awarded for a game-changing idea that produces a significant number of jobs or will clearly attract people to visit Pontiac. The grant program also provides for $5,000 to $50,000 in small business loans through ProsperUS for businesses that may not typically qualify for funding, while also allowing the opportunity for the loan funding to be supplemented with grant funding for a larger financial impact to the business owner with a reduced lending burden.
The Big Idea
We believe that a great idea can become a great business or can help a good business grow. Pontiac’s Big Idea Grant Program (PBIGP) celebrates doing business in the city of Pontiac – rewarding those with the best ideas for growth. Each year, for 5 years, in addition to business support, PBIGP will provide $500,000 in support of small businesses through grants and loans. PBIGP is not interested in just giving out cash. PBIGP is interested in inspiring and enabling your ideas. Applicants must consider the purpose of the program: to sustain businesses, strengthen neighborhoods, grow ideas, diversify economies, and grow jobs for residents of Pontiac. The best applications will have ideas for growth, consistent with this purpose, that are impactful, courageous, unique, achievable, memorable and clear.
Submitting an Application
There are 2 ways to apply to PBIGP:
- For a ProsperUS loan/grant combination applications: Apply online at mainstreetpontiac.org or www.prosperusdetroit.org or by clicking on the tab above.
- For grant only applications: Click on the tab above or e-mail your completed application to firstname.lastname@example.org
E-mail your inquiries to email@example.com
Come to our Help Desk: 3rd Wednesday of each Month, 4:30 pm – 5:30 pm, Alley Cat Cafe (before monthly community meeting)
Need Help With Your Application?
Visit Main Street Pontiac’s monthly community meeting on the 3rd Wednesday of every month. A PBIGP help desk is open between 4:30 – 5:30 pm each month at the Alley Cat Café to help people with applications. Applicants can also email questions to firstname.lastname@example.org.
Additionally, there are a number of community resources available to help you figure out how to develop your idea into a business, develop a business plan, and review your financials.