Hormel prize is an investment in community

Something about the McCook community endears it to the hearts of those who call it home.

That's not unusual, as Dorothy said in the "Wizard of Oz," "There's no place like home ..."

What is different, however, is the extent to which those who have their origins here are willing to invest back into the community.

Walk around town, and you'll see examples, whether it's the hospital's new rehabilitation center, the new city park or numerous structures around McCook Community College.

Among the newest buildings on the MCC campus is the Ben F. Hormel Technology Center for Business and Industry, a result of the generosity of the Hormel Family Foundation, a legacy of longtime McCook businessman Ben Hormel.

Now that same foundation has taken a bold, innovative step toward stimulating the local economy.

With the help of Community Hospital and the Community Development Co., composed of AmFirst Bank, McCook National Bank and Wells Fargo Bank, the Hormel Foundation is offering a $25,000 cash award for the best business plan.

The competition is open to anyone interested in locating his or her business in the McCook economic region. It is open to new businesses as well as existing local business owners looking to expand through a creative business plan. Business owners elsewhere who are interested in relocating to McCook are also encouraged to participate.

A panel of business and community leaders will select the most promising business plan in June, but it won't end with the presentation of the $25,000 check.

In exchange for the prize, the Hormel Family Foundation will receive a minority stake in the business and the winner also will receive business consulting services valued at $10,000.

"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," said Ben Hormel Harris, member of the Hormel Family Foundation board. "For us, this initiative is a long-term commitment to business development in the McCook region," he said.

The foundation has contributed $100,000 to the project so far, with McCook leaders pledging an additional $50,000, with commitments to conduct the business plan competition for at least five years.

So, how about it, entrepreneurs? Do you have an idea for starting or expanding your business? Now's your chance. Not only will the competition provide the seed money you need, you'll have full backing of the foundation and the help of some of the best business minds around.

Clearly, the Hormel Family Foundation and other sponsors aren't just interested in having their names engraved the cornerstone of new buildings somewhere.

They're committed to staying involved with the community, improving the local business climate and, in turn, the quality of life for all of us who call the McCook area home.