March 29, 2017 (Midland, Texas) – The Midland Development Corporation (MDC) approved an Interlocal Agreement with the University of Texas of the Permian Basin by and through its Small Business Development Center (SBDC) for an amount not to exceed $264,000 for the Midland Entrepreneurial Challenge, to be operated and managed by America’s SBDC, located at the Center for Energy and Economic Diversification (CEED).
The Midland Entrepreneurial Challenge will have a positive economic impact for Midland by assisting entrepreneur applicants in expanding an existing business or starting a new business. Access to business coaching, expertise and other resources will be offered at the SBDC at no cost to the participants, outside of the initial $100 application fee.
Each participant will gain a better understanding of how to develop and follow a realistic business plan to achieve growth within their business. Through a series of orientation workshops to be held by the SBDC, entrepreneurs and business owners who are interested in applying for the challenge will better understand the requirements of the competition.
Once qualified, all entrants will hold one-on-one meetings to discuss strategy, build their financials, and finalize their business plans before they are submitted to a panel of judges.
The business model must be a for-profit entity located in Midland, which is growth-oriented and currently receives, or projects to receive, 25-50% of revenue from sales of products or services from outside of the Midland area, thus bringing new money into the local economy.
For the 2017 challenge, four or five business will receive approximately $50,000 to $75,000 each. Winners will be announced during an awards ceremony on October 23, 2017.
Once the Challenge is live, the application and additional information can be found on MDC’s website at midlandtxedc.com as well as the SBDC’s website at americassbdc.org.
“Our mission at MDC is to promote and advance opportunities that enhance and diversify the strength and stability of the Midland economy,” said Brent Hilliard, Board Chairman. “MDC’s and the City of Midland’s investment in the Midland Entrepreneurial Challenge Program represents our collective and continued commitment to grow and expand economic growth in Midland, Texas. We look forward to meeting the new entrepreneurs that this program organically creates and seeing the newly formed businesses expand the Midland, Texas, economy.”
The Midland Development Corporation (MDC) promotes the City of Midland and incentivizes qualified employers who create and retain a diversified job market in the greater Midland, Texas, region. MDC promotes business expansion and job creation through an established business climate and a strong community. MDC is an effective steward of sales tax revenue to efficiently grow Midland’s economic stability and the quality of life.
America’s SBDC at The University of Texas of the Permian Basin represents America’s nationwide network of Small Business Development Centers (SBDCs) – the most comprehensive small business assistance network in the United States and its territories.
The mission of America’s SBDC is to represent the interests of our members and their SBDCs, by promoting, informing, supporting and continuously improving America’s nationwide network of SBDCs.
The mission of America’s nationwide network of SBDCs is to help new entrepreneurs realize the dream of business ownership, and to assist existing businesses to remain competitive in the complex marketplace of an ever-changing global economy.
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