Your Illinois Small Business Could Win $10,000 from the Illinois Small Business Development Center at Elgin Community College

Business Plan Competition

The ISBDC at ECC is offering a $10,000 prize to the small business that prepares and presents the best business plan describing how they intend to grow their existing business.

The purpose of this competition is to encourage existing businesses to conscientiously and deliberately plot a course that will extend the life of their business, increase its value, and generate profits. While business plans are typically produced when there is a need to borrow money, they should also be developed periodically to reset direction, especially when expansion is involved. The business may be able to support the growth activities on its own, or require outside funding. Either way, the business plan provides the necessary direction.

Entrants will be judged on the business owner's ability to convey a clear and convincing approach to expanding the business over the next three years. The competition has two rounds. All that qualify (per the Eligibility Requirements below) may enter the first round, which requires submission of a written business plan that adheres to the format and guidelines provided by the ISBDC. The deadline for Business Plan submission is November 15, 2013.

The owners submitting the top 10 business plans will compete in a second round to identify the "best of the best." The second round requires a brief presentation to a panel of judges. The presentation itself may take no longer than 10 minutes, and will be followed by a maximum 10 minute Q&A. Presentations will occur in early December, 2013 at ECC. The winner will be announced mid-December, 2013.

Eligibility Requirements
The business must be located in Illinois
The business must be 3 or more years old
The business must be classified as "for profit"
If the business plan is declared a finalist, the business owner submitting the plan, or the owner's designee, must be available to present the plan to a panel of judges at ECC in early December, 2013

For questions, or to apply, contact the ISBDC at 847-214-7488. We will register you as an entrant and provide you with business plan and presentation templates. We will also schedule you for counseling services or a workshop to assist you with your business plan activities.

Source: ISBDC at ECC





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