BINGHAMTON, NY (WIVT/WBGH) – Binghamton is calling on all entrepreneurs to participate in this year’s business plan competition.

Today at the Koffman Southern Tier Incubator, Mayor Jared Kraham announced the details for this year’s contest.

Applicants must either plan to start a business or have an existing business that is no more than five years old and must demonstrate the ability to open the business in the City of Binghamton within four months of winning and stay in the city for at least three years.

The winning business plan will receive $5,000 in cash, plus administrative support such as legal counsel and accounting services donated by local organizations.

Laura Whitmore is the owner of Strategic Test Prep who one last year’s competition, and says although the cash prize was great, the free services were the most beneficial.

Owner of Strategic Test Prep, Laura Whitmore says, “from Idea Kraft helping rework my logo, to FreshySites helping with the SEO of my website, to Coughlin and Gerhart helping with my contracts, everybody was so supportive, and it’s really helped mold my business into the company that I’ve wanted it to become.”

Second place will receive $2,000 and third will get $500.

Participants are encouraged to attend the free, online business plan development workshops that will be held March 27th through the 29th from 5 to 6 p.m.

Applications for the competition are due by April 6th, and can be found at https://www.binghamton-ny.gov/government/departments/economic-development/2023-bldc-business-plan-competition-page.