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Rendering of the new bagel patio coming to the Detroit Institute of Bagels

Have that idea that you just know would do well in the city, but don’t have the cash for it? Well, here’s your chance. The Comerica Hatch Detroit Contest returns for its fifth year and will begin accepting applications on Friday, May 1. Comerica Bank is offering a prize of $50,000 for entrepreneurs with a retail concept.

In addition to the $50,000 cash prize, if you win, you’ll also receive a slew of support services including legal, marketing and advertising, accounting, public relations and IT support from Hatch Detroit and its partners.

Since 2011, Hatch Detroit has made a significant difference for entrepreneurs and small businesses throughout Detroit.

The inaugural contest garnered hundreds of Detroit retail business ideas and ignited tremendous community support for the finalists, culminating in thousands of public votes cast for first-year winner Hugh, a home furnishing shop for the stylish bachelor that opened its doors in 2012.

In the years after, there have been more than 1,000 submissions and 162,000 votes cast. The alumni of the Hatch Detroit reads likes a “who’s who” of new Detroit retail, including 2012 winner La Feria, 2013 winner Batch Brewing Company, 2011 finalist Detroit Institute of Bagels, 2012 finalists Detroit Vegan Soul and Rock City Eatery 2013 semi-finalist Busted in Detroit, and 2014 semi-finalist Bumbo’s, who recently opened in Hamtramck, not to mention Sister Pie, which just opened in the West Village.

Remember, you’re going to need to submit a business plan, so get thinking.For complete submission guidelines and contest rules as well as to submit your application, visit www.hatchdetroit.com. The deadline for submissions is July 24, 2015.