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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link="#0563C1" vlink="#954F72"><div class=WordSection1><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'>St Helens Economic Development Corporation sponsored a business plan competition different from the one you describe.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'>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.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'>SHEDCO then sponsored a business plan completion that took place as follows:<o:p></o:p></span></p><p class=MsoListParagraph style='text-indent:-.25in;mso-list:l0 level1 lfo1'><![if !supportLists]><span style='font-size:11.0pt;font-family:Symbol;color:#1F497D'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'>We announced that we were offering a $25,000 business plan competition with a $5000 grant and 20,000 no-interest loan.<o:p></o:p></span></p><p class=MsoListParagraph style='text-indent:-.25in;mso-list:l0 level1 lfo1'><![if !supportLists]><span style='font-size:11.0pt;font-family:Symbol;color:#1F497D'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'>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.<o:p></o:p></span></p><p class=MsoListParagraph style='text-indent:-.25in;mso-list:l0 level1 lfo1'><![if !supportLists]><span style='font-size:11.0pt;font-family:Symbol;color:#1F497D'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'>Only those that finished the class qualified to submit a business plan for a new business. <o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'>** One of the criteria was that the new business had to open along the Mainstreet.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=MsoListParagraph style='text-indent:-.25in;mso-list:l0 level1 lfo1'><![if !supportLists]><span style='font-size:11.0pt;font-family:Symbol;color:#1F497D'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'>After the class finished those that wanted to enter in the competition submitted their business plans.<o:p></o:p></span></p><p class=MsoListParagraph style='text-indent:-.25in;mso-list:l0 level1 lfo1'><![if !supportLists]><span style='font-size:11.0pt;font-family:Symbol;color:#1F497D'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'>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.<o:p></o:p></span></p><p class=MsoListParagraph style='text-indent:-.25in;mso-list:l0 level1 lfo1'><![if !supportLists]><span style='font-size:11.0pt;font-family:Symbol;color:#1F497D'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'>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). <o:p></o:p></span></p><p class=MsoListParagraph style='text-indent:-.25in;mso-list:l0 level1 lfo1'><![if !supportLists]><span style='font-size:11.0pt;font-family:Symbol;color:#1F497D'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'>The panel chose the winner at the end of the presentation event. <o:p></o:p></span></p><p class=MsoNormal style='margin-left:.25in'><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:.25in'><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'>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. <o:p></o:p></span></p><p class=MsoNormal style='margin-left:.25in'><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal style='margin-left:.25in'><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'>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.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'>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.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'>If you need more information let me know.<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:black'>---------------------------------------<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:black'>Wm. Al Petersen, architect<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial",sans-serif;color:black'>Board Chairman<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial",sans-serif;color:black'>St Helens Economic Development Corporation<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial",sans-serif;color:black'>PO Box 555, St Helens, Oregon 97051<o:p></o:p></span></p><p class=MsoNormal><span style='font-size:9.0pt;font-family:"Arial",sans-serif;color:black'><a href="mailto:alpetersen@akaandesign.com">alpetersen@akaandesign.com</a> </span><span style='color:navy'><o:p></o:p></span></p><p class=MsoNormal><span style='font-size:11.0pt;font-family:"Calibri",sans-serif;color:#1F497D'><o:p> </o:p></span></p><p class=MsoNormal><b><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'>From:</span></b><span style='font-size:11.0pt;font-family:"Calibri",sans-serif'> OMS_MANAGERS [mailto:oms_managers-bounces@listsmart.osl.state.or.us] <b>On Behalf Of </b>Director LGMSD<br><b>Sent:</b> Monday, August 05, 2019 11:29 AM<br><b>To:</b> OMS List <oms_managers@listsmart.osl.state.or.us><br><b>Subject:</b> [OMS_MANAGERS] Business Plan Competition<o:p></o:p></span></p><p class=MsoNormal><o:p> </o:p></p><div><div><p class=MsoNormal>Hello, everyone.<o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal>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.<o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal>Have any of your communities had such a contest before? And if so, how were they structured and promoted?<o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal>Thanks so much,<o:p></o:p></p></div><div><div><div><div><div><p class=MsoNormal><span style='font-size:13.5pt'>Taylor Scroggins, Executive Director<br></span>La Grande Main Street Downtown<br>102 Depot St<br>Office 541-963-1223<br>Cell 541-975-4591<o:p></o:p></p></div></div></div></div></div></div></div></body></html>