Midland Development Corp. wants to put more of its Type 4A sales tax money toward aiding small businesses, and it’s looking to partner with the Small Business Development Center at the University of Texas of the Permian Basin for help.
SBDC Regional Director Enrique Romero on Monday presented a preliminary plan to the MDC board to start a business plan competition that would enable small businesses in Midland get funding and the help they need to grow.
Applicants must meet a number of criteria and go through a judging process that would include the MDC. Funding projections, minus administration fees, would be $250,000 for fiscal year 2017. Four to five businesses would receive $50,000 to $75,000 apiece. Funding would be provided by the MDC.