News Flash

NEWS RELEASE
Office of Business Inclusion and Advancement
Feb. 13, 2020

The city is holding its Small Business Plan Competition again in 2020 and will hold an information meeting Feb. 20 for entrepreneurs interested in participating. The meeting will be held at 6 p.m. in the Committee Room (Room 239) of City Hall, 101 N. Main 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 Feb. 20, executive summaries and business descriptions must be submitted by March 23. All submissions will be reviewed and the top finalists will have the opportunity to submit completed business plans in June. The finalists will be judged by the Small Business Loan Committee and the winner announced in August.

During last year’s competition, 10 start-up business plans were selected for the finals. Proposals by Wanda Bullock for a tutoring service and Theresa Harris for a mobile food business were selected as the winners by the city’s Small Business Loan Committee. 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.