Entrepreneurs invited to apply for seed capital in local competitions | news
THE CNMI Small Business Development Center Network is calling on all local entrepreneurs to take part in its seed-to-sale competition on September 16, where the top three business pitches will win entry fees to boost their business.
The application process will be open for three weeks shortly and is open to local entrepreneurs interested in boosting their business.
Competitors present their business presentations to a jury of seven judges who evaluate each entrepreneur based on a standard rubric provided by the CNMI SBDCN.
The top scorer will receive $20,000; the second $10,000; and the third, $5,000 seed capital.
Nadine Deleon Guerrero, director of the CNMI SBDCN network, said in an interview with Variety that the seed capital is designed to help local entrepreneurs meet the needs of their business project, whether it’s buying raw materials or hiring staff.
“We hope that we will be able to close the gap in this part of their operation,” she said.
Not only will they win seed capital, but the top entrepreneurs will receive a free ticket to the CNMI SBDCN’s incubator program, which provides the winning company with free rental space for a year.
Deleon Guerrero said a common obstacle for local entrepreneurs is finding a place to sell their items, whether it’s selling T-shirts, baked goods, or other business ventures.
“The incubator program will give them the opportunity to open a business for free for a whole year. That way they can save their money and hopefully build their capital to expand next year,” she said.
“We hope that we will get a lot of traction. We know there is a lot of interest at the moment. It is going to be great.”
The competition is public.
For more information, contact the CNMI SBDCN, Monday through Friday, 8:00 a.m. to 5:00 p.m. at (670) 237-6888 (Saipan), (670) 532-9513 (Rota), or (670) 433-0657 (Tinian) . .
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