FAQs
DATES
What are the important dates that I need to know?
ELIGIBILITY
My business is not located in Chicago, can I still enter the competition?
Can I submit a business plan if I am currently in business?
Can I submit a business plan if I am not in business yet?
EXECUTIVE SUMMARY
Should I submit an entire business plan in the first round?
I don't like Arial 10 pt font, can I just use another font?
My executive summary is longer than 3 pages, is that ok?
Will someone contact me about the status of my submission?
Will someone provide feedback on my submission?
BUSINESS PLAN WORKSHOPS
What if I don't know how to write a business plan?
How do I register for a "How to Write a Business Plan" workshop?
Is there a fee for the business plan writing workshops?
When will people be notified if they need to submit a business plan?
PRIZES
What are the prizes?
Where does my check come from if I win the competition?
If I win the competition, will I be paid the day of the Small Business Expo?
Aside from the money, are their additional perks to being a winner?
CONTACT
Can I call to get additional information?
Scroll down to read the answers to these Frequently Asked Questions.
DATES
What are the important dates that I need to know?
Business Plan Workshops – Click links to register.
Wed. May 25, Harris, 115 S. LaSalle, 3rd floor
Wed. June 1, Chicago Community Ventures, 105 W Adams St, Suite 2300 (entrance on 210 s. Clark)
Wed. June 8, Near West Side, 6 S. Hoyne
Wed. June 15, Chatham Business Association, 7801 S. State
Fri. July 1st: Executive summaries submissions due (by 4:30 p.m.)
Mon. August 1: 10 finalists announced
Fri. August 19: Finalists’ business plans due (by 4:30 p.m.)
Fri. October 7: Winners announced at Small Business Expo at UIC Forum
ELIGIBILITY
My business is not located in Chicago, can I still enter the competition? You can only enter the competition if you plan to open or expand your business into the City of Chicago. If you are an existing company and plan to stay outside of Chicago, you are not eligible.
Can I submit a business plan if I am currently in business? You can submit an Executive Summary (click for template) to enter the competition, but not a full business plan. You can submit if you are an existing business, but must be less than 3 years old
Can I submit a business plan if I am not in business yet? Again, to enter the competition, you must submit an Executive Summary (click for template) and yes, you can enter if you are not yet in business.
FIRST ROUND EXECUTIVE SUMMARY
Should I submit an entire business plan in the first round? No, you should only submit an Executive Summary which is not to exceed 3 pages.
I don't like Arial 10 pt font, can I just use another font? No, we require the 10 point font so that people don’t use increase or decrease the font to make the 3 page limit. Your submission will not be eligible unless it is in 10pt font.
My executive summary is longer than 3 pages, is that ok? No, it must be 3 pages max. If over 3 pages, your submission will NOT be eligible.
Will someone contact me about the status of my submission? You will receive an email after August 1st, stating that you either made it or did not make it to the next round. If you didn’t make it, you have the option of requesting feedback of your executive summary.
Will someone provide feedback on my submission? Yes, we hope to have feedback from the judges.
BUSINESS PLAN WORKSHOPS
What if I don't know how to write a business plan? There will be four workshops (5/25, 6/1, 6/8, and 6/15--see DATES section for registration links) that will talk about writing a business plan.
How do I register for a "How to Write a Business Plan" workshop? You need to register via eventbrite. Links are above in the DATES section of this FAQ page.
Links to the registration will also be on City Treasurer’s website as well as CCV’s website. We hope to have links on other business development organization’s websites as well.
Is there a fee for the business plan writing workshops? The workshops are all free of charge to competition entrants.
When will people be notified if they need to submit a business plan? People will only be notified if they advanced to the next round and need to submit a business plan after August 1st. Otherwise, they will get an email stating they did not advance to the next round to submit a business plan.
PRIZES
What are the prizes? The prizes are as follows: 1st - $5,000, 2nd - $3,500, 3rd - $1,500
Where does my check come from if I win the competition? Your check comes from Harris Bank who is the official sponsor for the 2011 Small Business Expo and Business Plan Competition, happening Friday, October 7, at UIC Forum.
If I win the competition, will I be paid the day of the Small Business Expo? You will not be paid the day of the expo. It should take about 2-3 weeks for your check to come to you. This is taken care of by Harris Bank. A representative from Harris will contact you letting you know how long and about documents you would need to sign.
Aside from the money, are their additional perks to being a winner? Not officially, but you may have access to consulting from other business development organizations.
CONTACT
Can I call to get additional information? We encourage you to look at our website, which should contain all relevant information. However, if there is something which has not been addressed on the website, you may email Christyn Freemon at cfreemon@chiventures.org.
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