- Özgür Töre
70 percent of mentored small businesses survive past the five-year mark—nearly twice the rate of non-mentored businesses. as part of a shared commitment to empower small businesses, Mastercard and Bank of America are announcing the third annual Grow Your Biz Contest.
The contest calls on small business owners to pitch their business growth plans for the opportunity to win $25k and business consultation with industry experts.
“We’re excited to partner with Mastercard for the third year of this contest and look forward to working with creative and passionate business owners from all over the country,” said Sharon Miller, head of Small Business, Bank of America. “Mentorship is a vital component of any career—especially entrepreneurship—and we’re committed to providing small businesses with the resources and guidance they need to grow their businesses and succeed.”
This year, to enter the Grow Your Biz Contest, small business owners must share their business strategy by submitting a video (up to one minute in length) on the Grow Your Biz microsite that answers the question: “How would $25,000 help grow your business?”
From the submissions, four finalists will be identified for their business strategy, video creativity, and overall enthusiasm to receive a $1,000 Mastercard prepaid card and the opportunity to pitch their businesses to the Grow Your Biz Panel during the final event in New York City on November 14, 2019.
The panel of expert judges for the Grow Your Biz contest include the host of CNBC’s Cleveland Hustles, Bonin Bough, founder and CEO of Create & Cultivate, Jaclyn Johnson, Mastercard Head of Small business, Ginger Siegel and Bank of America Head of Small Business Credit, Kelly Firment. The judges will provide individual consultation sessions and select one grand-prize winner, who will receive $25,000 to pursue their business plan.
“Over the past two years supporting the Grow Your Biz program, we have been able to connect with small business owners and understand their unique challenges,” said Ginger Siegel, Head of North America Small Business, Mastercard. “By collaborating with Bank of America, we are providing small businesses not only with holistic solutions and funds but with industry perspective and mentorship that helps them grow in new ways.”
The Grow Your Biz Contest, which began as a Boston focused initiative in 2017, expanded nationally last year and received applications from small business owners across the U.S. From Femly’s monthly natural feminine subscription box, to Kin’s flavorful ramen, Draft Texas’ specialized draft beverage trailer and Cheeky Monkey’s joyful home accessories, each finalist showcased their unique business and passion.
NO PURCHASE NECESSARY TO ENTER OR WIN. Void where prohibited. Open only to small business owners who are legal U.S. residents, and 18 and older. Ends 10/6/19.