Lamoni Business Plan Competition

Lamoni Development Corporation (LDC) in partnership with the Graceland University Sandage Centerfor the Study of Free Enterprise and Entrepreneurship (SCSFEE) and Decatur County DevelopmentCorporation (DCDC).

Lamoni Development Corporation (LDC) will facilitate the awarding of a $5,000 grant and $10,000 inangel capital loans ($5,000 each from SCSFEE and DCDC) for a new or expanded business operatedin Lamoni judged to be meritorious. The business must become operational for the award to begranted.

Purpose of the competition

The purpose of the competition is to encourage and support an entrepreneurial culture within thecommunity of Lamoni. There is a perception, and in some cases a reality, that financing for a new orexpanded business is extremely difficult to secure. It is the hope of LDC, SCSFEE and DCDC that abusiness contest will generate publicity and interest within the community and encourage existing andpotential business owners to develop and execute a formal business plan.

Application Requirements

• A minimum 3 year business plan must accompany the application
• A current credit report for owner(s) of the business must be submitted
• 3 references

• The business must have a Lamoni location.
• Angel capital loans in the amount of $5,000 from both the SCSFEE and DCDC ($5,000baseline from each organization with potential for up to $10,000 from each) would be made asquickly as is feasible upon announcement of a meritorious business plan.
• LDC $5,000 award to be distributed on a quarterly basis ($500/Q) across 10 quarters,beginning at the end of the first quarter of formal operation of the business.
• The winning business must be a member of, or join, the Lamoni Chamber of Commerce uponreceipt of the award.
• All legal, contractual, and other commitments must be documented in writing.
• Judging will be performed by a committee made up of, but not limited to, representatives of thefollowing: LDC, SCSFEE, DCDC, Lamoni Chamber of Commerce.