Layton Boulevard West Neighbors (LBWN), a nonprofit dedicated to community development, will accept applications for the Silver City Business Plan Competition through today.
The competition, which kicked off in March, will grant one designated entrepreneur the resources and space to open their own shop in a renovated commercial structure located at 3519 W. National Ave. in Milwaukee’s Silver City neighborhood.
“Since we announced the Silver City Business Plan Competition in March, we have seen nearly 20 applications submitted, but we want more,” said LBWN Executive Director Charlotte John-Gomez. “Business ideas submitted so far include cafes, pet boutiques and clothing retailers, but we know there are hundreds of additional great ideas out there and we encourage all interested entrepreneurs to apply for this once-in-a-lifetime business opportunity.”
The business plan competition has been made possible by a $6 million community initiative to update 24 foreclosed city properties into usable spaces.
On top of the renovated business space, the winning entrepreneur will receive $5,000 in funding to cushion startup costs and up to five months of free rent. Additional technical support will be provided to the selected entrepreneur by LBWN, the Multicultural Entrepreneurial Institute (MEI), and the Wisconsin Women’s Business Initiative Corporation (WWBIC).
Individuals interested in submitting applications can do so at www.lbwn.org/businessplancompetition. Applicants must include a Letter of Intent with their entry.
After an extensive review process, LBWN and community partners will ask finalists to submit a full proposal by the end of June. The official winner will be announced in August.
Corporate and organizational partners of the Silver City Business Plan Competition include Impact Seven, Wisconsin Redevelopment, WHEDA, Joseph and Vera Zilber Family Foundation, MEI, WWBIC, National Equity Fund, Town Bank, City of Milwaukee, LISC, Federal Home Loan Bank, SchultzWerk Architecture, Inc., Universal Construction Solutions, U.S. Bank, and Reinhart Boerner Van Deuren.