Office of Business Inclusion and Advancement - Jan. 11, 2019
The city is holding its Small Business Plan Competition again in 2019 and will kick it off with an information meeting Jan. 22 for entrepreneurs interested in participating. The meeting will be held at 6 p.m. in the Public Meeting Room (Room 530) of the Stuart Municipal Building, 100 E. First St., Winston-Salem.
The Office of Business Inclusion and Advancement is sponsoring the competition to promote job creation and small businesses by helping entrepreneurs develop sound business plans. The two winners will each receive a $5,000 grant for start-up costs, up to $5,000 in a potential matching micro-loan and technical assistance.
Eligible submissions must be for micro-businesses (five employees or less) located within the Neighborhood Revitalization Strategy Area. This area includes downtown and portions of the northern, southern and eastern quadrants of the city. The businesses must also create low- to moderate-income jobs or benefit low- to moderate-income residents. Staff from the department’s Business Development Division will be available to provide assistance throughout the competition.
Following the information session on Jan. 22, executive summaries and business descriptions must be submitted by Mar. 15. All submissions will be reviewed and the top finalists will have the opportunity to submit completed business plans in May. The finalists will be judged by the Small Business Loan Committee and the winner announced in July.
During last year's competition, 12 start-up business plans were selected for the finals. The winning proposals were submitted by Amanda and Turner Douthit for a cleaning company and by Lillie Hairston and Tabatha Harris for a consignment business. Everyone who submitted a business plan received guidance on how to improve their business plan and was eligible to apply for a small business loan.
For more information go to CityofWS.org and search for Small Business Plan Competition, or call Steven Harrison at 336-747-7474.