$25,000 grant to Hormel Foundation will help fund business plan contest

The Hormel Family Foundation announced today that it will receive a $25,500 Rural Business Enterprise Grant from the U.S. Department of Agriculture Rural Development.

The grant will be earmarked for the Foundation's most recent project: the Hormel Business Plan Competition. The Hormel Business Plan Competition, which kicks off for the first time on Friday, is intended to become an annual event in McCook. The objective is to encourage and inspire entrepreneurship in Greater McCook, and ultimately make the area more competitive state- and nationwide.

"The Rural Business Enterprise Grant is a huge boost for us," said Ben Hormel Harris, Foundation board member and the driving force behind the business plan competition.

"The support for this project continues to be tremendous. The community of McCook has stepped up to the plate in countless ways, and now, with the added support of USDA Rural Development, we're looking forward to accomplishing some really great things in the area."

The $25,500 check will be presented to the Foundation by a USDA Rural Development representative at 1 p.m. on the day of the competition. The event will take place on Friday in room 213 of the Ben F. Hormel Technology Center for Business and Industry, located on the McCook Community College Campus (at 1205 E Third Street in McCook). Doors will open to the public at 12:30 p.m. for a meet and greet, and the actual competition will start immediately after the check presentation ceremony.

The winner of the 2007 Hormel Business Plan Competition will receive a $25,000 investment, as well as advertising and consulting services valued at $10,000. In exchange, the Foundation will take a minority stake in the winning business, thereby proving its long-term commitment to the winner and to the community of McCook.

The $25,500 Rural Business Enterprise Grant is separate from the Business Plan Competition award and earmarked for ongoing administrative expenses of the project as well as support service expenses for the winner.

The Hormel Family Foundation is a non-profit organization committed to education and economic development in McCook. Founded in 1999 by the late Ben F. Hormel, it provided the funding for the Ben F. Hormel Technology Center for Business and Industry on the McCook Community College campus.

For more details, visit http://www.hormelfamilyfoundation.com, or contact Susan Harris-Broomfield at (308) 340-0856.