FEBRUARY 21, 2009
BRATTLEBORO, VT -- The deadline is 4 p.m. March 2, 2009, for interested candidates to submit a three-page Executive Summary to enter the 2009 Business Plan Competition offered by the Brattleboro Development Credit Corporation (BDCC).
This is the fourth year in a row that BDCC has offered this popular competition, which features two entry categories and multiple prizes totaling more than $40,000. For the "Existing Business" category, the top prize will be $12,000, the second-place prize will be $6,000, and the prizes for up to four runners-up will be $2,000 each. For the "New Business" category, the top prize will be $6,000, the second-place prize will be $3,000, and the prizes for up to four runners-up will be $1,500 each.
The premise behind the Business Plan Competition is to help raise awareness in the community about small business and entrepreneurship, and to encourage new business development by helping interested community members develop viable business plans, gain public attention, and earn financial rewards.
According to Randi Solin of Fulcrum Arts, the 2007 grand-prize winner in the Existing Business category, "I would definitely encourage everyone who is serious about starting or expanding a business to apply to the competition. I found having to talk to the judges and answer pointed questions to be the most valuable aspect. We used the money we won as valuable seed money to pay the architect and further our vision. Winning has also given us validity with the town of Brattleboro. We will forever be indebted to the BDCC for believing in our dream of Fulcrum Arts and hope to make all involved proud when we see our project come to fruition."
In the summer of 2008, Fulcrum Arts was awarded $190,000 in Vermont tax credits as part of a $1.6 million statewide initiative to assist in the revitalization of buildings in downtowns and village centers. Owned by Solin of Solinglass and Natalie Blake of Blake Ceramics Studio, Fulcrum Arts integrates and extends their two successful crafts businesses with a shared building, public demonstration area, gallery, and teaching facility. Fulcrum will use the credits to help renovate the former Brattleboro Machine Works/Tri State Auto Parts building at 47 Elm Street in order to create an arts destination in downtown Brattleboro.
To enter the competition, candidates must submit an Executive Summary consisting of a two-page business plan and one-page financial summary no later than 4 p.m. March 2, 2009. Finalists for each category will be announced on March 9. Final Business Plans will be due at BDCC no later than 4 p.m. April 20.
Final presentations, lasting up to 12 minutes per finalist with an additional 10 minutes for questions, will take place on April 30 at the Marlboro College Technology Center. Winners will be announced at 3 p.m. that day. Vermont State Governor Jim Douglas has been able to present the awards for the first three competitions, and it is hoped he will be able to continue that tradition this year.
To be eligible for the competition, the existing or new business must be physically located within BDCC's designated region of Windham County plus the towns of Readsboro, Searsburg, and Weston, Vermont; and must have an annual gross revenue of $500,000 or less.
More information about eligibility, rules, registration, judging, and other details can be found online at the BDCC website http://www.bdccbusinessplancompetition.com or by contacting BDCC at 802-257-7731.
Founded in 1954, BDCC is a private, nonprofit economic development organization that serves as a catalyst for industrial and commercial growth in southeastern Vermont. Its primary objective is to create and retain a flourishing business community that supports vibrant fiscal activity, and improves the quality of life of all its residents.