05 November 2021
Entrepreneurs invited to participate in the 2021 Business Plan competition of the Banque des Régions
CARBONDALE, Ill. – Calling all entrepreneurs. Here is your chance to submit a business plan for the chance to win cash prizes in the 2021 Bank of the Regions Business Plan Competition.
Entrepreneurs in southern Illinois will compete for up to $ 10,000 in funding for innovation and small business development provided by Regions Bank through the SIU Foundation. The Illinois Small Business Development Center at SIU will provide technical support and business assistance and the deadline for submitting applications is Friday, November 12.
The first prize is $ 5,000. Second prize is $ 3,000 and third place is $ 2,000.
“Despite the challenges of this past year with the pandemic, we have seen a tremendous increase in interest from entrepreneurs in southern Illinois emerging with innovative new business concepts or business expansion ideas,” Deborah said. Barnett, Director of SIU Business Incubation Programs. “The support for the Regions Bank Business Plan Competition through the SIU Foundation is timely and will serve as a spark to continue the entrepreneurial momentum that we have seen develop in the region.”
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The winners will be announced at the SIU Research Park Innovation and Entrepreneurship Showcase on December 2 at the Dunn-Richmond Economic Development Center, 1740 Innovation Drive in Carbondale.
“The announcement of the winners of the business plan competition will be the highlight of the showcase,” said Lynn Andersen Lindberg, Executive Director of SIU Research Park. “The opportunity to help start several emerging or expanding small businesses in partnership with Regions Bank is a great way to celebrate the innovation that took place in southern Illinois during the COVID pandemic. “
Open to new or expanding business concepts
The competition is open to people with business ideas in Franklin, Jackson, Jefferson, Perry, Randolph or Williamson counties. Applicants cannot be affiliated with government entities, non-profit organizations, public or private schools, or universities and colleges. Participants must register and then submit a full business plan and 90-second introductory video by November 12. There are a few simple criteria for business plans. To enter the plans must be:
- A small start-up or existing for-profit business offering innovative ideas, products or services with an identified market need and commercialization potential. Pre-business entrepreneurs can also participate.
- Focus on new ideas or expansion opportunities, not current business operations.
- Is not involved in cannabis, gambling or lobbying activities, nor in any activity prohibited by national or federal law.
For more information on the Business Plan Competition, as well as how to register, visit sbdc.siu.edu.
The competition is sponsored by Regions Bank in partnership with the Southern Illinois University Foundation, the Illinois Small Business Development Center, SIU Research Park, and SIU Business Incubator.
“A solid business plan is essential for any business that wants to be successful. This competition is a great opportunity for entrepreneurs in southern Illinois to put together a solid business plan, develop a solid business case and compete for funding, ”said Greg Bouhl, Director of Entrepreneurship and commercial development of the SIU. “The Illinois Small Business Development Center at SIU is a strong contest partner as we provide free business advice, including business plan assistance, to contest entrants and any small business that needs help. “