We are happy to share that we are recipients of a Motor City Match Cash Award grant! The road to winning this grant has been a long one. After 11 Rounds and 11 applications our persistence on going after the big money paid off. It was a truly great experience to meet the mayor and to share in the press release event with the other businesses that won!
A review of our 11 applications spanning back to summer 2015 would surly be an anthropological study of our business plan as it has evolved into a solid backbone on which we are now able to close on our funding! Underwriters, we found, ask pretty much the same questions as a grant committee.
This grant is designed to fill a gap in funding. As luck would have it, we were awarded the exact amount of an appraisal shortfall of the used brewing equipment we are planning to acquire. The bank typically requires an independent appraisal on used equipment and the result for us was a ‘fair market’ value coming in at what most people would consider scrap value. Disappointing but unsurprising. Needless to say, we are thanking our lucky stars that this grant will allow us to move forward with the purchase.
Motor City Match also helps businesses that are still in planning stages. This includes early steps like writing a business plan or finding a suitable space. We came into the program when we had just acquired our building and Motor City Match helped us with the professional design of the renovations and some due diligence items during the purchase. The program also encourages networking and has provided many resources to aid building and business owners alike.
Overall, the experience as been awesome and it is a huge piece in the puzzle of opening Brewery Faisan. We are grateful that this program became available when it did. It is one of the reasons we are able to keep our small business our own. Thank you, Motor City Match!