Competition could land local entrepernuer thousands in start-up cash
Each month, numerous people go to the Community and Business Development Department of the City of Winston-Salem seeking help in starting a business, including assistance with the often tedious business plan preparation.
In an effort to assist more individuals with the the business plan process, the department will hold a Small Business Plan Competition this spring. To be eligible for the competition, businesses must be startups and be located within the Neighborhood Revitalization Strategy Area (NRSA), an area of the city that has been identified as being prime for needed development and investment. These areas include downtown and areas in the north, east and south. Enterants must also plan to create low to moderate-income jobs and/or provide benefit to the low to moderate-income community.
The winning business plan will receive a $5,000 grant with the potential for an additional matching $5,000 micro-loan depending on the funding needs of the business concept. The winner may also win a free Change of Use Review by the Inspections Division to evaluate what is needed to bring his or her proposed business location up to building and safety code compliance. This review is valued at $250. In addition, the Business Development Division will be available to provide technical assistance to participants throughout the competition.
Executive summaries and business descriptions are due on Friday, Feb. 15 to be considered for advancement to the final stage. The final round requires the submission of a completed business plan in May. The winning business plan will be announced in early July.
An informational meeting for the Small Business Plan Competition is scheduled for Tuesday, Jan. 15 at 6 p.m. in the fifth floor conference room of the Bryce Stuart Municipal Building, 100 East First St. There, further information about the competition and what a winning business plan should include will be given.
To learn more about the Small Business Plan Competition, contact Business Development Supervisor Ruben Gonzales at 336-747-7474 or rubeng@cityofws.org.
