Compete for $10,000 in prizes by Oct. 31 in Florida

The number one issue which has emerged during six annual State of Black Business reports is lack of access to capital.

Florida has been a leader among the eight states which currently tackle that problem head on by providing direct loan programs geared to black-owned businesses.

In Walls Come Tumbling Down; State of Black Business, sixth edition, we describe the eight factors for black business success as policy initiatives which combine the same kinds of finance, training and infrastructure supports which major corporations have come to expect as entitlements.

While those big firms take the incentives and move jobs overseas, there is a much greater job creation potential from the community-based, neighborhood companies which can attract support through programs like the Black Business Loan Program in Florida.

Access Florida Financial Corp. is sponsoring a business plan competition to attract innovative business ventures which can apply for the loans.

This contest aims to generate the best ideas from the best universities and to integrate business students into one of the many small business resources available in Florida, the Black Business Loan Program (BBLP).

The submission deadline for a practical and usable complete business plan covering all aspects of the business is October 31, 2009. In November, 2009, finalists must also make a presentation lasting no longer than fifteen (15) minutes in front of an independent judging panel with the goal of selling the plan. Cash prizes will be awarded to the top three plans. Total prize money will be $2,500 for first place, $1,500 for second and $1,000 for third. An equal award will be made to the sponsor, if one exists. Additionally, all entries will be reviewed for possible funding within the BBLP.  Access Florida is limiting participation in this contest to business plans eligible for financing under the BBLP (Florida Statutes Chapter 288.7102-3).