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The 2015 Lee County Business Plan Competition will provide up to $5000 for entrepreneurs with good business plans who are interested in starting or expanding new businesses in Lee County.

The 2015 winner will also receive a one-year membership to their choice of the Keokuk Area Chamber of Commerce or the Fort Madison Area Chamber of Commerce.

This packet provides all of the information needed to submit an application including rules, scoring/evaluation criteria, schedule, business plan format, and microloan information.

After reading the application packet, please direct any questions to:

Alex Merk ISU Extension and Outreach – Lee County

319-835-5116 alexmerk@iastate.edu

The Lee County Business Plan Competition is sponsored by a partnership between ISU Extension and Outreach in Lee County, Platinum Sponsor, and Iowa Microloan. The program is supported in part by a USDA Rural Business Opportunity Grant. The purpose of this program is to enhance the availability of business technical assistance and alternative credit for small business entrepreneurs who may have a viable business concept so that the odds for business success are increased.

Platinum  Sponsor  Logo  Goes  Here  

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Rules of Participation

• Each applicant must read and agree to all rules, regulations, terms and conditions ofthe competition, including without limitation that: the business plan competition andits administrator have the sole right to alter, amend, or supplement at any time therules, regulations, terms, and conditions regarding the business plan competition.

• The Selection Committee reserves the right to divide the award among multiplewinners or runners-up, as well as the right to not award any funding if they feel thatnone of the business plans submitted are viable.

• Applicants must be at least 18 years of age.

• All applications and business plans must be received no later than 4:00 PM, on Friday,January 9, 2015 at the Lee County Extension Office, 414 N. Main, Donnellson, IA,52625. Any applications or business plans delivered after 4:00 PM on Friday, January 9,2015 will not be eligible to compete in the competition.

• Applicants must be willing to locate the business in Lee County. If the business is astartup, the applicant must be willing to start the business within one (1) year of datethe winner is announced. If the submitted plan is for an existing business consideringexpansion, the business must be maintained and operated in Lee County for a term ofat least one year. (Note: Applicant’s residence need not be in Lee County.)

• If selected as one of the competition finalists, applicant must be willing to make apresentation to the Selection Committee. The presentation must include an overviewof the business plan, as well as an explanation of how the award money would beused if the finalist is chosen as a winner.

• Business must offer products and/or services that are legal in the state of Iowa, as wellas the specific area of Lee County where business is to be located. In addition,business must not be of a pornographic or “adult” nature.

• The award amount provided to winner(s) or runner(s)-up will be paid asreimbursement installments as key business plan milestones are achieved asdetermined by Selection Committee. Winners must keep Selection Committee and/orits affiliate up-to-date regarding business operations, including progress and quarterlyfinancial reports during the first year business is operational.

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Evaluation Criteria

Evaluations will be based on a 100-point scoring system. Each submission will receive a scoring range from zero to the maximum score in each of the following assessment areas:

MAXIMUM

POINT VALUE COMPETITION ASSESSMENT AREA

5 Points

Business Plan Training Has applicant completed a business plan training course? This can include a college or university course or other certified entrepreneur training course.  

30 Points

Overall Business Plan Assessment • Executive Summary: Is it clear, exciting and effective as an

overall summary of the business plan? Does it encourage interest in the business opportunity?

• Background: Does it describe the purpose of the business,history of the company, origin of business concept, overall strategy, and values of the business?

• Business Concept/Product or ServicesOffered/Business Model: Does it include an overall vision describing the business? Does it describe the features and benefits of the product or service? Does it address the potential factors that stand in the way of success?

• Industry: Does the plan describe the industry in which thebusiness intends to compete, and the current nature of the competition in that industry?

• Target Market: Does the plan describe target customer, theneeds of that customer group, and the manner in which those needs will be met by the business.

• Operations: Is there a plan for the production/delivery of theproduct or services? Have the issues of operational complexity, resource requirements and needed technology been appropriately addressed?

• Market Analysis, Sales & Marketing Strategy: Is therean analysis of the market, needs identification, customer profiles, potential market share, selling premise, demographic trends and the regulatory environment? Is there an appropriate marketing and sales strategy? Is there a competitive analysis and plan for unexpected events?

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Business Plan Assessment continued …

• Management/Human Resources: What are thebackgrounds and expertise of key individuals? Are theyequipped to address the strategic needs of the business?What are the personnel needs of the business?

• Analysis: Are financial and non-financial risks addressed?Are start- up costs identified? Are critical competitive risksidentified? Are external risks (e.g., interest rates,unemployment, economic growth, etc.) addressed? Areunexpected events and the business’s potential responsesto them addressed? What is the impact on customers andcompetitive advantage if these risks materialize? Areplanning assumptions reasonable?

35 Points

Market Potential How realistic is the business concept and its potential for success? Judges will give significant consideration to the overall viability of the proposed business. Is the market opportunity and success potential worth moving forward with the plan? Does management have the capability to implement and achieve the business plan? Does this business have a legitimate chance of being successful? Can the capital needed to operate the business be raised?

25 Points

Financials Are financials consistent with good accounting principles and presented in a form that’s easily understood? Are start-up costs well defined? Are assumptions realistic, reasonable, and supported by available market data? Does plan include income statement, balance sheet and cash flow analysis on a monthly basis for year 1, quarterly basis for years 2-3? For existing businesses, are past financial reports and tax statements included?

5 Points

Overall Benefit to Lee County

• Job creation

• Profitability

• Sales/property tax generated

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Schedule & Deadlines

Iowa Small Business Development Center - Southeastern Community College Business Plan Classes

Monday Evenings, 6:00 to 9:00 PM October 13, 20, 27, November 3

Lee County Extension Office

Business Plan Submission Deadline* 4 PM, January 9, 2015

Finalists Selected January 30, 2015

Finalist Presentations March 6, 2015, 9 AM

Lee County Extension Office

Announce 2015 Winner April 2015

*All applications and business plans must be received no later than 4:00 PM, on Friday,January 9, 2015 at Lee County Extension, 414 N. Main Street, Donnellson, IA 52625. Any applications or business plans delivered after 4:00 PM, January 9, 2015 will not be eligible to compete in the Lee County Business Plan Competition.

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Application

Contact Person__________________________________________________________________

Name of Business (if determined)_________________________________________________

Mailing Address_________________________________________________________________

Telephone______________________________________________________________________

Email___________________________________________________________________________

Brief Description of Business Proposal

Has applicant completed a business plan training course or other business planning course?* If so, include course title, date completed & location attended.

____________________________________________________________________________  

____________________________________________________________________________

*This can include a college or university business plan development course orother certified entrepreneur training course including FastTrac®, SCORE’s Simple Steps (formerly QuickStart), NxLevel®, Operation Jump Start or ISED Microenterprise.

Send or deliver this application and 5 copies of your business plan to:

Lee County Extension Re: Biz Plan Competition

414 N. Main, Box 70 Donnellson, IA 52625

Questions: Contact Alex Merk at 319-835-5116 or alexmerk@iastate.edu.

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Business Plan Format

Those wishing to compete in the 2015 Lee County Business Plan Competition are free to utilize any business plan format they believe works best for the business they are planning. Select a format that helps you to focus on those areas that will be most applicable to the business you want to start or expand.

If you would like to learn more about how to write a business plan, the Iowa Small Business Development Center at Southeastern Community College will offer a four-week Writing a Winning Business Plan course in the fall of 2015 at the Lee County Extension office in Donnellson.

October 13, 20, 27, November 3

6 PM – 9 PM

In this course, discover the basic components necessary for a winning business plan. Areas covered include the executive summary, market research, marketing plan, operating plan, management, organization and ownership. You will work on cash flow projections and projected financial statements. You will have the opportunity to write the plan in class, with a business plan template provided to you. Students should have computer experience in Microsoft Word and Excel. Workbook and flash drive with templates are provided

Sponsored in part by ISU Extension and Outreach and Center for Business

Writing a Winning Business Plan Planning for Business Success!

Location: Price: Registration: ISU Extension and Outreach $49 (funded in part Barb Blow at 319-208-5376

414 N Main Street by a federal grant) or 866-722-4692 ext 5376 Donnellson, Iowa Section #46113

 

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Lee County Microloan Program

Lee County MicroLoan was created to provide an alternative source of credit and technical assistance for those microbusinesses and entrepreneurs who have promising and workable business plans but may have difficulty securing a loan from conventional sources. The purpose of this program is to provide extra technical assistance and alternative credit to help Lee County residents realize their goal of achieving business success when there is a solid idea, team, and commitment to make the enterprise work.

The Lee County MicroLoan Program is sponsored by a partnership between ISU Extension and Outreach in Lee County and Iowa Microloan. The program is supported by a USDA Rural Business Opportunity Grant.

Lee County MicroLoan provides: • Loans for start-up, expansion or refinancing of small business entrepreneurs• Financing of loans of $5,000 up to $50,000 for a six year term• The Microloan interest rate is currently 7.5 APR (July 2013)• Co-financing with a local lender or loan pool up to $150,000• Credit approval within 15 working days of receiving a complete credit

application and business plan• Quarterly visits by an experienced small business coach to help address

issues to improve business performance• Grants up to $500/client/year for pre-approved reimbursement of technical

assistance expenses• Access to local, regional, statewide, and online networks of microbusiness

development mentors, coaches, and professionals willing to help yourbusiness become profitable

• Assistance in improving your credit score and reducing overall business riskthat will allow you to utilize conventional credit resources once you graduatefrom the Lee County MicroLoan Program.

How You Can Qualify Borrowers must meet the following eligibility criteria before an application can be accepted:

• Legal Iowa resident 18 years or older• Business must be located in Lee County• No more than 10 full time employees

Interested? Download a brochure, or submit an application at www.extension.iastate.edu/lee or call the Lee County Extension Office at 319-835-5116.