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IFEL Announces Competition for Best Business Plans

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The Institute for Entrepreneurial Leadership, a Newark-based not-for-profit economic development agency, has announced its fourth annual business plan competition to foster growth among minority, woman, or veteran-owned enterprises.

IFEL is seeking submissions by Friday, February 4. Cost to enter: $120. Call 973-353-0611 or competition@ifelnj.org.

The competition is open to nonprofit and for-profit enterprises. To be eligible in the for-profit category, your business must be based primarily in New Jersey and be at least 51 percent minority, woman, or veteran-owned. For businesses not fitting the latter requirement, the competition also is open to businesses based in a New Jersey Urban Enterprise Zone. Your business must also have made at least $1 million in 2009 and have no institutional third party investments (excluding bank financing).

Nonprofits must also be based in New Jersey based and already have 501(c)(3) status; and must have generated at least $1 million in revenue in 2009. The last requirement is waived for social ventures.

Winners will receive three free webinars (“Writing a Winning Executive Summary,” “Preparing Financial Projections,” and “Low/No Cost Marketing Strategies”), IFEL’s “How to Write Your Business Plan in 14 Days” E-mail series, continuing free E-mail support, and free admission to the Fourth Annual Next Level Conference & Competition Awards Luncheon (date to be announced).

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