Small Business Investment Forum (SBIF) Business Plan Competition
Funding Amount
Over $10,000
Deadline
Rolling / Open
Grant Type
foundation
Overview
Small Business Investment Forum (SBIF) Business Plan Competition
Funder: Partnership of City of Martinsville, Martinsville-Henry County Chamber of Commerce, EDC, HD Web Studio, Patrick Henry Community College, and West Piedmont Business Development Center
Geographic Scope: City of Martinsville and Henry County, Virginia
Purpose: Encourage small business development and job creation through funding and support for new and young businesses.
- For-profit businesses
- Start-up businesses OR businesses less than 3 years old
- Located in the City of Martinsville or Henry County, Virginia
Eligibility
- Inventory purchases
- Kitchen equipment
- Technology and advertising
- Marketing assistance
- Business training classes
- Free workspace
- In-kind services
What They Fund
- Total Amount: Over $10,000 in grants and services (as of 2016)
- Additional Benefits: One year of mentoring from funding partners
- Recipients: 4 winners in 2016 competition
- Cumulative: Over $88,000 awarded since program creation in 2008
Award Details
- Created in 2008
- Annual competition with consistent funding
- Provides mentoring and business services alongside grants
- Committee chair: Retired banker Carolyn Shough
- Focuses on start-ups and young businesses
Background
- Address: 191 Fayette St., Third Floor, PO Box 631, Martinsville, Virginia 24114
- Phone: (276) 403-5940
- Website: yesmartinsville.com
Contact Information
Martinsville-Henry County Economic Development CorporationHow to Apply
Application Process
1. Submit Business Plan
- Complete detailed business plan
- Include all required sections (see materials below)
2. Plan Review
- SBIF committee reviews submissions
- Plans evaluated for feasibility and impact
3. Selection and Award
- Winners selected by committee
- Awards announced
- One year of mentoring assigned to each winner
- Comprehensive business plan
- Business concept/overview
- Market analysis
- Financial projections
- Management structure
- Marketing strategy
- Startup or expansion details
Required Materials
- Mentoring from SBIF committee members (1 year)
- Free business space
- In-kind services
- Access to training opportunities
- Booth at Fast Track Trade Show (if applicable)
Additional Support
Focus Areas & Funding Uses
Fields of Work
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