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Focus-on-Farming Contest

CONTEST OVERVIEW

The Plainview Economic Development Authority (EDA) is offering up to 80% off the cost of leased space in the Plainview Business Incubator for one year to winners of the Focus-on-Farming/ Business Plan Competition.

Winners of the business plan competition must agree:

  • to continue to lease space in the Business Incubator for a total of five years;
  • to comply with Business Incubator policies; and
  • to relocate into Plainview’s commercial or industrial districts at the end of the Business Incubator’s five-year lease period.

As Incubator clients, contest winners will continue to receive discounted lease space and support services during their remaining four years in the Business Incubator. Support includes assistance with financing and any applicable private non-profit or government grants or loans. The EDA also operates a revolving loan fund that provides gap financing.

CONTEST RULES

Applicants in the Focus-on-Farming Business Plan Competition must be:

  • At least 18 years of age or older
  • Citizens of the United States

Business plans will be evaluated on a point basis. Points will be awarded for:

  • Written evidence of commitment of funds by the entrepreneur(s) and investor(s) in the proposed business (points awarded will correspond to amount of private investment: start-up businesses are defined as any business in the first five years of operation)
  • Documentation of agri-business focus of proposed business or expansion
  • Projected job creation
  • Use of local products and services (“Local” is defined as any product or service produced within 100 miles of Plainview.)

Extra points will be awarded to business plans that demonstrate that the proposed business will meet a previously unmet, documented need in the area of agri-business and/or farm-related wholesale or retail business.

APPLICATION MATERIALS & SUBMISSION

Business Plan Template          Business Incubator Application

The Focus-on-Farming Business Plan Competition applications will be acted on monthly.  Please submit your business plan and supporting documents to:

Plainview EDA
445 West Broadway, Suite 6
Plainview, MN  55964

Questions?  Call the EDA Director at (507) 421-6564

SUPPORT MATERIAL CHECKLIST

All applications to the Focus-on-Farming / Agribusiness Business Plan Contest should submit a business plan that details their proposed start-up business or their strategy to expand an existing business.

New Business

If you are starting a business, you should provide the information:

  •  Personal financial statements
  • Lender commitment letter(s) and interim loan agreements
  • Your resume and other documents as requested
Exisitng or Start-Up Business

If you are an existing business that wants to expand, or if your business is in its start-up phase (in business for five years or less), you should provide the information listed above, noting how long you have been in business:

  • A history of your business
  • Written cost estimates for new equipment, supplies, etc.
  • Two years of financial statements from your business
  • A current statement (within 90 days)
  • A two-year projection
  • Lender commitment letter(s) and interim loan agreements
  • Your resume and other documents as requested