The City of Winston-Salem is organizing an information meeting for entrepreneurs interested in its Small Business Plan Competition. The session will take place on Tuesday, February 17 at 6 p.m. in the Bryce A. Stuart Municipal Building public meeting room, located at 100 E. First St., Winston-Salem, N.C.
The competition is sponsored by the Office of Economic Development and aims to support job creation and small businesses by assisting entrepreneurs in developing solid business plans. According to city officials, “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.”
To qualify, submissions must be for micro-businesses with five employees or fewer that are located within the Expanded Approved Area, which includes parts of the northern, southern and eastern sections of Winston-Salem. Businesses should also create jobs for low- to moderate-income individuals or benefit residents with similar incomes. Staff members will be available to assist participants throughout the process.
After the February 17 information session, participants must submit executive summaries and business descriptions by March 23. All entries will be reviewed before top finalists are invited to submit completed business plans in August. Every participant who submits a business plan will receive feedback on how to improve it and can apply for a small business loan. Finalists’ plans will be evaluated by the Small Business Loan Committee and winners announced in the fall.
Reflecting on last year’s event, “business plans for a wellness company and a frozen food company were selected as the winner by the city’s Small Business Loan Committee.”
More details about economic development initiatives from Winston-Salem—including support for local businesses and community growth—can be found on their official website. The city manages various services such as infrastructure maintenance and public governance within its municipal boundaries in North Carolina through its council structure.
For additional information about the competition visit CityOfWS.org/BPC or contact Steven Harrison at (336) 747-7474.
