Potential entrepreneurs urged to submit plans

With less than two weeks until the deadline for the Annual Hormel Business Plan Competition, the Hormel Family Foundation (www.in vestmccook.com) is calling all existing and would-be entrepreneurs in the McCook area to participate in the battle for a $25,000 cash investment.

"We are hoping for a great turnout," said project initiator and Hormel Family Foundation board member Ben Hormel Harris.

"Fundraising is tough in this economy, and a cash injection of this magnitude can really help propel a small business forward," he added.

The Hormel Business Plan Competition is an incentive designed to promote entrepreneurship in the McCook area, while simultaneously supporting McCook Community College. The event will take place on Friday, June 12, at the Hormel Business & Technology Center on the McCook Community College campus. The deadline for submissions is May 27.

The competition is open to established business owners as well as those with a brand new business idea. Applicants need not be based within the city limits of McCook, but must be located within close enough proximity that their business will benefit the McCook community.

On June 12, a judges' panel comprised of local business and community leaders will identify the most promising business plan tailored to the McCook region. Confirmed judges include Jim Ulrich, CEO of Community Hospital; Mark Graff, Chairman of McCook National Bank; Dr. Richard Tubbs, Vice President of McCook Community College; Dan Hoffman, Executive Director of Invest Nebraska Corporation, and Ben Harris of the Hormel Family Foundation.

The winning entrepreneur or team will be eligible to receive a $25,000 cash investment in exchange for a minority stake in the business. The winner will also be the beneficiary of consulting and advertising services valued at $10,000.

This year, the Hormel Family Foundation is organizing the Annual Business Plan Competition in cooperation with Invest Nebraska Corporation (www.investnebraska.com), a state-wide non-profit organization dedicated to angel investment and entrepreneurship in Nebraska.

"The competition's partnership with Invest Nebraska brings additional resources to this year's winner that we haven't had before, including funding for operational assistance and access to sources of low and no-interest loans, all of which are an important compliment to the cash investment and support of this community initiative," said Ben Harris.

The competition also enjoys generous local support from Community Hospital and McCook Community Development Company, comprised of AmFirst Bank, McCook National Bank and Wells Fargo.

The Hormel Family Foundation is a non-profit organization committed to McCook Community College 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.

All potential proceeds from the foundation's stake in the winning business are exclusively for the benefit of McCook Community College.

To learn more about the Hormel Business Plan Competition, please visit www.investmccook.com, or contact Susan Harris-Broomfield at (308) 340-0856.