BINGHAMTON, N.Y. — Binghamton entrepreneurs still have a few weeks to make their submissions for this year’s Binghamton business-plan competition.
Applications are due April 2. Those applying must either plan to start a business or have an existing business that is no more than five years old, per the announcement on the City of Binghamton website.
In addition, 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.
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Applicants are also strongly encouraged to complete business startup or management training through the SUNY Broome Entrepreneurial Assistance Center (EAC) or attend the online business-development workshop offered March 24-26 through the City Office of Economic Development.
With backing from the Binghamton Local Development Corporation, M&T Bank (NYSE: MTB), and the Koffman Southern Tier Incubator, the competition prize list has been increased to $10,000, including $7,000 for first place, $2,000 for second place, and $1,000 for third place with gift certificates for the remaining finalists, per the announcement.
In addition to the cash prize, the first-place winner also receives administrative support to start or grow their business in the city. That includes legal counsel and accounting services, donated in-kind by Binghamton businesses and organizations.
Some of the support includes $500 of legal counsel courtesy of Coughlin & Gerhart, LLP; $500 in sign-creation services courtesy of 3i Graphics & Signs; $500 in website services courtesy of FreshySites; $500 in branding services courtesy of Idea Kraft; Five hours of accounting services courtesy of Davidson, Fox & Co.; and one-year membership in the Greater Binghamton Chamber of Commerce.
Binghamton Mayor Jared Kraham, the BLDC, and the SUNY Broome EAC announced competition details back on March 6.
For more information on how to apply, eligibility requirements and more, visit: https://www.binghamton-ny.gov/government/departments/economic-development/2025-business-plan-competition.
