Tuesday, April 30, 2013


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Binghamton launches fifth annual business plan competition

BINGHAMTON - Mayor Matt Ryan along with the Binghamton Local Development Corporation (BLDC) and the Broome Triad Entrepreneurial Assistance Program (EAP) based at Broome Community College announced today the details of the fifth annual BLDC-EAP Business Plan Competition, which awards $5,000 to the best plan for developing a business in the City of Binghamton. The prize money can be used only for advancing this plan.

The competition seeks to cultivate local business development, highlight BLDC financing programs and raise awareness about the EAP training and other community resources for small business growth. As with prior years’ competitions, organizers anticipate that the award will attract high quality entries, and provide useful assistance to the development of young businesses.  

 “The BLDC-EAP Business Plan Competition is another way we’re encouraging entrepreneurs to take a stake in our increasingly dynamic local economy,” said Mayor Ryan. “This competition offers not only a cash prize to be used for a new business in the City, but also helpful training for all those who are starting a company or are interested in doing so. It helps to increase the supply of new businesses to the city and the region”

Returning this year to support the competition is the Press and Sun Bulletin with a matching $5,000 value advertising package and the Greater Binghamton Chamber of Commerce with a one-year membership. New this year, RS Webworks will provide consultation services for website development and internet marketing.

“We partner with businesses old and new, big and small, but we’re especially delighted to work with the entrepreneurs who are helping drive new economic growth in Greater Binghamton,” said Sherman Bodner, Press and Sun Bulletin President and Publisher. 

In addition to requiring that all business plans be based in the City of Binghamton, the competition’s criteria include the following:

  • Applicants must either plan to start a business or have an existing business that is no more than five years old.
  • Applicants must demonstrate that they have completed business start-up or management training, e.g. EAP Classes, BCC/BU continuing education, entrepreneurial curriculum, degree programs in related fields.
  • Applicants must demonstrate the ability to finance and open the business in the City of Binghamton within four months of winning the competition and commit to keeping the business in the City for a minimum of three years.

Participants must also attend a free “Business Development Workshop” sponsored by the Binghamton Economic Development Office (BEDO) on May 7th, from 12:30—5:00pm at the Holiday Inna Arena.  The workshop is open to any business located within the City of Binghamton and will provide a thorough review of best practices in starting and growing a business.  A networking event follows from 5:00—6:00pm.

Sign up for the workshop online by clicking here. Full information on applications, eligibility requirements and important dates is available on the BLDC dedicated page. For an application packet, click here.