[OMS_MANAGERS] Business Plan Competition

[Director LGMSD]

Thanks so much, Al!

That's very informative, and hits a lot of the buttons I'm hoping to push.
We're only just starting to plan this competition, but that gives us a lot
to start off with. I think with some tweaks we could use some similar
dynamics for our program.

Thanks again!
Taylor Scroggins, Executive Director
La Grande Main Street Downtown
102 Depot St
Office 541-963-1223
Cell 541-975-4591


On Mon, Aug 5, 2019 at 3:28 PM Al Petersen <alpetersen at akaandesign.com>
wrote:

> St Helens Economic Development Corporation sponsored a business plan
> competition different from the one you describe.
>
>
>
> In ours the local credit unions went together on $20,000 and gave it to
> the Mainstreet organization which went into a special account for a
> 0-interest loan  (see more detail below).    SHEDCO raised an additional
>  $5000.00 for a $5000 grant.
>
>
>
> SHEDCO then sponsored a business plan completion that took place as
> follows:
>
> ·         We announced that we were offering a $25,000 business plan
> competition with a $5000 grant and 20,000 no-interest loan.
>
> ·         All those interested were required to take a business plan
> writing class offered by SHEDCO.  We found a person that volunteered to
> teach a 6 to 9 week  business plan writing class.
>
> ·         Only those that finished the class qualified to submit a
> business plan for a new business.
>
>
>
> ** One of the criteria was that the new business had to open along the
> Mainstreet.
>
>
>
> ·         After the class finished those that wanted to enter in the
> competition submitted their business plans.
>
> ·         The business plans were judged by a panel of bankers from the
> credit unions that initially put up the $20,000.  The bankers narrowed down
> the applications to a final group of three.
>
> ·         The final three were required to make a final  “public”
> presentation at  a final event organized by SHEDCO.   At the event the
> presenters could present a revised and updated business plan if the so
> desired (based on their initial conversations with the bankers) and were
> required to make 15 minute presentations to the public and the panel of
> bankers and others (one SHEDCO board member, another business person and
> the three bankers).
>
> ·         The panel chose the winner at the end of the presentation
> event.
>
>
>
> The $20,000 put up by the banks went into a special money market account
> held by SHEDCO.  The interest from the CD would go to SHEDCO but the funds
> would be held in the “locked” account as collateral for the 0-interest
> loan.
>
>
>
> The winner received a $5000.00 grant from SHEDCO and a $20,000 no-interest
> loan payable over three years.  One of the banks wrote the loan, SHEDCO
> signed as a co-signer on the loan with the $20,000 as collateral.
>
>
>
> We did this for the first time 4  years ago.  After the initial $20,000
> got paid off the first time we did it again this year.   So it is basically
> a revolving fund ( collateral ) for the 0-interest loan.  This year we had
> to raise the $5000.00 for the grant again but that was relatively easy
> since the program was successful the first time.
>
>
>
> If you need more information let me know.
>
>
>
> ---------------------------------------
>
> Wm. Al Petersen, architect
>
> Board Chairman
>
> St Helens Economic Development Corporation
>
> PO Box 555, St Helens, Oregon 97051
>
> alpetersen at akaandesign.com
>
>
>
> *From:* OMS_MANAGERS [mailto:
> oms_managers-bounces at listsmart.osl.state.or.us] *On Behalf Of *Director
> LGMSD
> *Sent:* Monday, August 05, 2019 11:29 AM
> *To:* OMS List <oms_managers at listsmart.osl.state.or.us>
> *Subject:* [OMS_MANAGERS] Business Plan Competition
>
>
>
> Hello, everyone.
>
>
>
> We're considering a Business Plan competition here in La Grande, where the
> winner(s) would get to temporarily set up shop in one of our vacant store
> fronts. Our goal is to fill a vacancy temporarily while the building owner
> courts long-term tenants, encourage a new business by lowering the
> barrier-to-entry for a brick and mortar store, and in general see what
> kinds of potential new businesses are simmering just under the surface so
> we can help them come to fruition.
>
>
>
> Have any of your communities had such a contest before? And if so, how
> were they structured and promoted?
>
>
>
> Thanks so much,
>
> Taylor Scroggins, Executive Director
> La Grande Main Street Downtown
> 102 Depot St
> Office 541-963-1223
> Cell 541-975-4591
>
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