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Business plan competition begins
FOR the Daily Gate City
The Lee County Business Plan Competition will be held to encourage the creation of new companies and the expansion of existing businesses in Lee County.
The creator of the business plan that best meets the criteria and best exemplifies the spirit of the contest will be awarded at least $2,000. Up to three awards of at least $1,000 will be available to the creators of business plans that also have merit. It also is expected that several hundred dollars of in-kind services, materials and technical assistance will be available to each winner.
The award will be on a reimbursement basis for eligible project costs, which may include feasibility studies, marketing research, rent/lease, equipment, purchase and improvement of property, relevant professional services, Web site development and other marketing activities.
Notice of intent to submit a business plan may be made by e-mailing yvonne@lcedg.com, calling 319-463-5599 ext. 6 or faxing 319-463-5597. Giving notice of intent is not binding.
Workshops, seminars and individual counseling will be ongoing.
Business plans are due Monday, Aug. 31.
Each application will be evaluated based on project viability, growth potential, potential impact on the local economy and other merit-based factors. Applicants who don't receive awards may be referred to alternative assistance programs.
A business plan must be created by a person or persons who mete the following criteria:
A resident of Lee County and will open or expand a business in Lee County.
Not a Lee County resident but will open or expand a business in Lee County.
For-profit business with up to 500 employees.
Engaged in creating new services or products with a high growth potential and have a projected annual revenue growth of at least 10 percent over a five-year period.
Must submit the application form with required attachments including a business plan by Aug. 31.
Must document ability access to additional sources of funding beyond the grant award including business revenues, other grant programs, loans and personal capital that will support business growth.
So far, the competition has the following sponsors: Keokuk Economic Development Corporation, First Community Bank, Fort Madison Economic Development Corporation in honor of Seeley Ludwig, Alliant Energy, MidAmerican Energy and Atmos Energy.
The Lee County Business Plan Competition will be held to encourage the creation of new companies and the expansion of existing businesses in Lee County.
The creator of the business plan that best meets the criteria and best exemplifies the spirit of the contest will be awarded at least $2,000. Up to three awards of at least $1,000 will be available to the creators of business plans that also have merit. It also is expected that several hundred dollars of in-kind services, materials and technical assistance will be available to each winner.
The award will be on a reimbursement basis for eligible project costs, which may include feasibility studies, marketing research, rent/lease, equipment, purchase and improvement of property, relevant professional services, Web site development and other marketing activities.
Notice of intent to submit a business plan may be made by e-mailing yvonne@lcedg.com, calling 319-463-5599 ext. 6 or faxing 319-463-5597. Giving notice of intent is not binding.
Workshops, seminars and individual counseling will be ongoing.
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Each application will be evaluated based on project viability, growth potential, potential impact on the local economy and other merit-based factors. Applicants who don't receive awards may be referred to alternative assistance programs.
A business plan must be created by a person or persons who mete the following criteria:
A resident of Lee County and will open or expand a business in Lee County.
Not a Lee County resident but will open or expand a business in Lee County.
For-profit business with up to 500 employees.
Engaged in creating new services or products with a high growth potential and have a projected annual revenue growth of at least 10 percent over a five-year period.
Must submit the application form with required attachments including a business plan by Aug. 31.
Must document ability access to additional sources of funding beyond the grant award including business revenues, other grant programs, loans and personal capital that will support business growth.
So far, the competition has the following sponsors: Keokuk Economic Development Corporation, First Community Bank, Fort Madison Economic Development Corporation in honor of Seeley Ludwig, Alliant Energy, MidAmerican Energy and Atmos Energy.
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