Many small business owners are brimming with expansion ideas but lack the cash to see them put into action. To help make those dreams reality the Prince Edward/Lennox and Addington Community Futures Development Corporation is holding its annual Business Plan Competition.

To enter, business owners must submit a proposal on how they’d like to grow, expand or improve. The best idea will earn a $50,000 interest-free loan over five years.

“We’re looking for sustainable businesses, either new or existing,” said PELA CFDC's Gillian Chapman. “We’re looking for something that catches the judges’ interests and that can be either an exciting new type of business or an old style business or just an innovative way of increasing revenue streams.”

A competition for L&A businesses will be held simultaneously with one for Prince Edward County businesses. Judges living in L&A will vote on PEC’s entries and vice versa. “That gives a level of objectivity because they’re not wholly involved in that business community,” Chapman says of the respective counties voting on each other’s proposals. “They’ve got lots of business knowledge and experience but they wouldn't specifically know the businesses that are in the competition.”

On the voting panel will be a representative from Ontario Ministry of Agriculture, Food and Rural Affairs a local business owner, a member from the Business Development Bank of Canada and a member from PELA CFDC.

This year will mark the sixth time they've held the competition. Past winners from L&A have included Starlet Shoes, Willy Dog and McCormick’s Country Store.

There is no guideline as to the type of business they are looking for, only that part of the plan includes an expansion of some sort.

“The money that we’ve been given has been specifically allocated by the Federal Government to improve existing commercial property,” said Chapman. “What they want is to bring commercial property up to its full value.”

The loan itself doesn’t have to be limited to $50,000, though anything over that amount will be subject to interest.

Along with the interest free loan is a prize package offered by other businesses in the community. They include a meeting with an accountant, free advertising, a discount from a hardware store and more.

Chapman hopes to be ‘snowed over’ with entries from every end of the business spectrum. Ultimately she's hoping this competition will draw more start ups to the area.

“We’re all about encouraging businesses to take that chance,” she said. “What it comes down to is it’s the entrepreneur that’s really taking the risk. What we’d like to do is be there to help them and guide them and take away that fear factor.”

The deadline to submit business plans into the competition is Oct. 21 at noon. To enter visit www.pelacfdc.ca.

From:  Business-plan award back up for grabs
By: Adam Prudhomme
The Napanee Beaver
October 6, 2011