(BINGHAMTON, N.Y.) — Mayor Richard C. David on Tuesday joined officials from the Binghamton Local Development Corporation (BLDC) and SUNY Broome’s Entrepreneurial Assistance Program (EAP) to announce details of the 2019 BLDC-EAP Business Plan Competition, which awards $5,000 to the best plan for developing a business in the City of Binghamton.

“Promoting small business development and entrepreneurship are key objectives of the City of Binghamton,” said Mayor David.  “I look forward to seeing the new ideas generated by this competition.”

The announcement was made at 81 Clinton St., the future home of Parlor City Vegan, the winner of last year’s business plan competition.

The competition, which is the longest running of its kind in the Greater Binghamton area, seeks to cultivate local business development, promote entrepreneurial spirit and raise awareness about EAP training, BLDC financing and other community resources for small business growth.

In addition to a $5,000 cash award, the winner will receive additional support donated by Binghamton businesses and organizations:

  • Five hours of accounting services: Davidson Fox & Co.
  • $500 in legal counsel: Coughlin & Gerhart, LLP
  • One-year membership to Greater Binghamton Chamber of Commerce
  • Three months free co-working memberships at Koffman Southern Tier Incubator
  • $500 in sign creation services courtesy of 3i Graphics & Signs, Binghamton
  • $500 in website services courtesy of Freshy Sites
  • $500 in branding services courtesy of Idea-Kraft
  • Brand & marketing strategy consultation courtesy of Rtistry By Design

The competition’s criteria includes the following:

  • Applicants must either plan to start a business or have an existing business that is less than five years old.
  • 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.

The judges will include representatives from the BLDC, EAP and the Koffman Southern Tier Incubator and will be chosen for their experience in entrepreneurship, finance and business. The prize money for the competition comes from the annual budget of the BLDC’s Marketing & Outreach Plan, which is funded by the BLDC’s Urban Development Action Grant.

Applications are due April 3 and are available on the City’s Economic Development website.

A free workshop will be offered on Wednesday, March 27 at the Holiday Inn Arena, LaTasse Room from 5 – 8 p.m. Participants in the workshop will get advice from bankers, small business advisors and entrepreneurs on how to write a business plan and present their ideas.

For full information on applications, eligibility requirements and training sessions, interested businesses can contact Binghamton Economic Development Department at (607) 772-7161 or EcoDev@cityofbinghamton.com