Winston Salem Times

The Office of Business Inclusion and Advancement in Winston-Salem is gearing up for its upcoming Small Business Plan Competition, aiming to support entrepreneurs in developing solid business strategies. The city will host an information meeting on Tuesday, March 26, at 6 p.m., at the Bryce A. Stuart Municipal Building, to provide details about the competition.

According to the announcement, the competition is designed to bolster job creation and small businesses within the community. Two winners will each be awarded a $5,000 grant for start-up costs, along with the opportunity to receive up to $5,000 in a potential matching micro-loan and technical assistance.

Participants are required to submit business plans for micro-businesses with five employees or fewer, situated within the Neighborhood Revitalization Strategy Area. This area encompasses sections of the northern, southern, and eastern parts of the city, with a focus on creating jobs for low- to moderate-income individuals.

Following the information session, scheduled for March 26, interested individuals must submit executive summaries and business descriptions by May 6. Selected finalists will be invited to present their completed business plans in August for evaluation by the Small Business Loan Committee, with the winner set to be announced in the fall.

Last year's competition saw Shereen Abdelfattah's catering business plan emerge victorious, selected by the city's Small Business Loan Committee. All participants received guidance on enhancing their business plans and were eligible to seek small business loans for their ventures.

For additional information on the Small Business Plan Competition, individuals can visit CityOfWS.org/BPC or contact Steven Harrison at (336) 747-7474.