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Mayor Ryan and Local Development Leaders Announce BLDC/EAP Business Plan Competition
2/19/2009

Mayor Matt Ryan was joined by the Binghamton Local Development Corporation (BLDC) and the Entrepreneurial Assistance Program (EAP) to announce details of the first annual BLDC/EAP Business Plan Competition, which will award $5,000 to the best plan for developing a business in the City of Binghamton.

The competition seeks to cultivate local business development, highlight BLDC financing programs, and raise awareness about other community resources for small business growth. Organizers anticipate that the award will attract high quality entries, and provide useful assistance to the development of the winning business. 

“Strengthening our small business community is vital to improving our community’s overall health, and the Business Plan Competition is just one example of how the BLDC, EAP, and our other partners are advancing this effort,” said Mayor Ryan. “I applaud the BLDC and EAP for launching the contest, and I encourage all interested entrepreneurs to apply.”

ELIGIBILITY

In addition to requiring that all business plans be based in the City of Binghamton, the competition’s criteria include the following:

• Applicants must either plan to start a business or have an existing

business that is no more than five years old.

• Applicants must have been a client of the Entrepreneurial Assistance Program at Broome Community College at some point since September 2005. Those who have not been clients may gain eligibility by attending a free one-day workshop on business plan development.

• The workshop is 9:00 a.m.-4:00 p.m. on Saturday, March 14 in Room 201 of the Decker Building at Broome Community College. There will be a break from noon-1:00 p.m., and attendees are encouraged to bring a lunch. To register, call BCC Continuing Education at (607) 778-5012. Seating is limited to 80 – first come, first served.

IMPORTANT DATES  & APPLICATION FORMAT

• Saturday, March 14th – The Business Plan Workshop will take place 9:00 a.m.-4:00 p.m. in Room 201 of the Decker Building at Broome Community College

• Friday, March 20th – By this date, the written portion must be completed, postmarked, and mailed to c/o Ginny Robert, Director of the Entrepreneurial Assistance Program, BCC, P.O. Box 1017, Binghamton, NY  13902.

• Friday, April 3rd – The competition’s finalists will be announced.

• Wednesday May 27th/ Thursday 28th – Finalists will give 15 minute oral presentations on their plans to the panel of judges. The presentations will take place 5:30-8:30 p.m. at the Binghamton University Downtown Center, Room 228.

• Thursday, June 18th – The winner of the BLDC/EAP Business Plan Competition will be announced in the Mayor’s Conference Room, 4th Floor City Hall following the monthly BLDC Board meeting.

The application comes in two parts: written (60% of overall score) and oral (40%). The judges will include two representatives from the BLDC and three from EAP.

Full information on applications, eligibility requirements, and important dates is available on the City of Binghamton’s website at the BLDC dedicated page, or by clicking here.

BACKGROUND: SPURRING SUSTAINABLE SMALL BUSINESS DEVELOPMENT

The BLDC’s Marketing & Outreach Committee developed the Business Plan Competition as part of its overall strategy, which also includes signage on current construction projects, advertising in local business journals, mailings to local small business owners, and presentations for professional associations.

Partnering with EAP Director Ginny Robert, the committee modeled the competition on a similar contest held only for EAP students. Just like the EAP contest, the BLDC and EAP intend to hold the citywide competition on a yearly basis.

“We initiated the Business Plan Competition not only to reward the best business plan put forward, but also to spread the word about the many low-interest financing opportunities available for local entrepreneurship,” said Merry Harris, Director of the Binghamton Economic Development Office and BLDC Executive Director. “The Binghamton Local Development Corporation has established a strong record of facilitating business development through our low-interest loan programs, we want to make sure entrepreneurs are aware of our resources and how to utilize them, and we expect the competition will help in this effort.”

Competition organizers remind that applying provides a benefit even if the applicant does not walk away with the cash prize.

“Creating or remaking a business development plan can provide that spark of inspiration that puts a fledgling business on the right track,” said Robert. “The EAP and BLDC are eager to provide support for all these efforts, both during the competition and beyond.”

Workshop attendees will receive complimentary business planning materials, and will be eligible for four hours of optional one-on-one assistance provided by Robert and/or members of the EAP Client Advisory Group. It can be conducted in person, by phone or through e-mail. The EAP has served 113 clients since September 2005.

For more information about the Business Plan Competition, please contact EAP Director Ginny Robert at (607) 778-5581.

The Binghamton Local Development Corporation is based at the City of Binghamton’s Office of Economic Development. The Entrepreneurial Assistance Program is part of Broome Community College’s Continuing Education Program.

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