Hormel Foundation offers $25,000 business plan prize

The Hormel Family Foundation, a non-profit organization dedicated to McCook Community College and business development in McCook, unveiled plans today to launch a $25,000 cash award business plan competition to attract business to the area.

The competition will be held at McCook Community College in June. It will be open to anyone interested in locating his or her business in the McCook economic region. The date of the competition and other information regarding how to enter the competition will be available at www.hormelfamilyfoundation.com.

The Hormel Family Foundation welcomes participants with a new business idea, as well as existing local business owners looking to expand their businesses through a creative business plan.

Also encouraged to enter are business owners elsewhere, who are excited about the prospect of relocating to McCook.

"This initiative is a fantastic way to help promote that entrepreneurial spirit and ignite the spark for future economic development for McCook and Southwest Nebraska," said Jim Ulrich, President and CEO of Community Hospital, a contributor to the project.

"Community Hospital is excited to help support this competition," he added.

A judge's panel comprised of McCook business and community leaders will evaluate the most promising business plan. The winner, to be announced at a ceremony later this year, will receive a cash sum of $25,000 in exchange for a minority stake in the business. In addition, the winner will receive business consulting services valued at $10,000.

"We consider this to be a unique approach to mission investing," said Ben Hormel Harris, who serves on the board of the Hormel Family Foundation.

"Our intention is not just to award this prize and move on to the next project, but rather to take an ownership stake of the company and stay integrally involved in hopes of ensuring the success of the winning entrepreneur. For us, this initiative is a long-term commitment to business development in the McCook region."

In that spirit, the Hormel Family Foundation intends the competition to be an annual event, with the goal of continuing for at least five years. To date, the Hormel Family Foundation has contributed $100,000 to the project, while McCook leaders have pledged an additional $50,000 in matching commitments. Local contributors to this Hormel Business Plan Initiative include Community Hospital and Community Development Company, composed of AmFirst Bank, McCook National Bank and Wells Fargo Bank.

Founded in 1999 by the late Ben F. Hormel, himself a McCook entrepreneur, the Hormel Family Foundation is committed to McCook Community College and encouraging business and entrepreneurship in the McCook economic region.

The foundation provided the funding for the Ben F. Hormel Technology Center for Business and Industry, inaugurated in 2004 on the McCook Community College Campus.