One of my dreams has always been to open my own coffee shop/lending library.  I’ve even got a name picked out and know exactly how the inside layout would be. If like me, you dream of one day opening you own small business, help might be closer than you think.

The Binghamton Local Development Corporation and Broome Community College Entrepreneurial Assistance Program are holding a contest that will give one person a $5,000 grant to open their own small business right ere in Binghamton. The $5,000 will be given to the best plan for developing a business in the City of Binghamton.

By offering $5,000 each year, the city says they hope to keep local entrepreneurs in Binghamton.

The application includes attendance at a required, free workshop on creating a business plan. Preliminary applications are due on May 1st and finalists will be announced on May 10th with the winner being announced by Mayor Matt Ryan on June 20th.

According to the City of Binghamton, in addition to requiring that all business plans be based in the City of Binghamton, the competition’s criteria include the following:

  • Applicants must either plan to start a business or have an existing business that is no more than five years old.
  • Applicants must demonstrate that they have completed business start-up or management training, e.g. EAP Classes, BCC/BU continuing education, entrepreneurial curriculum, degree programs in related fields.
  • Applicants must demonstrate the ability to finance and open the business in the City of Binghamton within four months of winning the competition and commit to keeping the business in the City for a minimum of three years.

This time next year you could be operating your own small business, so what are you waiting for?  Grab your application here!