BINGHAMTON, N.Y. — Applications are due April 7 in this year’s edition of a business-plan contest that will award $5,000 to the best plan for developing a business in the city of Binghamton.

It’s the Binghamton Local Development Corporation (BLDC) and SUNY Broome’s Entrepreneurial Assistance Program (EAP) 2021 BLDC-EAP Business Plan Competition, per a news release on the City of Binghamton website. 

The competition is described as the “longest running of its kind in the Greater Binghamton area.” 

“Promoting small-business development and entrepreneurship are key objectives of the City of Binghamton,” Richard David, the city’s mayor. “I look forward to seeing the new ideas generated by this competition.”

The competition 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.

Full information on applications, eligibility requirements and important dates are available on the SUNY Broome EAP program website (https://www2.sunybroome.edu/conted/eac/) and the BLDC page (http://binghamton-ny.gov/binghamton-local-development-corporation-bldc).

Those interested can also contact Binghamton Economic Development at (607) 772-7161 or EcoDev@cityofbinghamton.com.

Competition criteria

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

Candidates 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,” per the release.

Participants are encouraged to attend a free online business-plan development workshop, sponsored by the Binghamton Economic Development Office, on March 31 from 5-7:30 p.m. 

To register, email a request to ecodev@cityofbinghamton.com. The workshop is open to any individuals interested in competing and will cover “best practices” in starting and growing a business. 

Additional incentive

In addition to a $5,000 cash award, Binghamton businesses and organizations are donating additional support to the competition winner.

The support includes five hours of accounting services from Davidson Fox & Co.; $500 of legal counsel from Coughlin & Gerhart, LLP; and one-year membership in the Greater Binghamton Chamber of Commerce. 

It also includes $500 in sign-creation services courtesy of 3i Graphics & Signs; $500 in website services, courtesy of Freshy Sites; $500 in branding services offered by Idea Kraft; and a three-month, free co-working membership at the Koffman Southern Tier Incubator, courtesy of Binghamton University and SUNY Broome.