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Fmbp

Selfless Words & Actions can Illuminate the Whole Universe

Poverty Solutions, Inc. (P-Solutions) in conjunction with American Community Capital, LP. (ACC) and Los Angeles Community Capital (LACC) is organizing “Fund-My-Business-Plan” (FMBP) competition. FMBP will start on July 1, 2018 and conclude on July 31, 2019. Aspiring entrepreneurs are invited to compete for the top three prizes and an opportunity to be one of the fifty top finalists who will get their business idea funded through grants, equity investments, and/or loans. Winners would receive entrepreneurship grants and loan capital as follows:

Top three winners will receive $50,000 in grants; and
The following 50 will receive Grants, Loan Capitals, Equity Investments & Technical Assistance ranging between $2,000 and $25,000 each.

P-Solutions is a nonprofit certified Development Financial Institution (CDFI) with primary goals of helping (1) low-income families become self-sufficient; and (2) new entrepreneurs and small business owner succeed. ACC is a Los Angeles based private equity fund. LACC is a non-profit Venture Capital and Private Equity Firm. P-Solutions is sponsoring FMBP competition because of P-Solutions experiences through its entrepreneurship program across California and Nevada. P-Solutions has come to realize how difficult it has been for entrepreneurs to obtain funding for their business ideas when the entrepreneur doesn’t have a qualitative business plan. FMBP is organized to sensitize entrepreneurs across the United States about writing business plans for every of their business ideas.

The Business Plan is an essential step for the potential entrepreneur to help turn an idea for a product or service into a profitable business venture. Whether you are starting a business or wish to expand your present business, an effective business plan will be your “road map” to success. A well-organized business plan will work out the details of your business on paper first, before you invest time and money into your venture. It is a “must” if you plan to obtain a business loan. There are no hard and fast rules in formatting your business plan. However, it should be written by the owner of the business with outside assistance as necessary. A business plan written by an outside consultant is someone else’s business plan. The length and content often vary depending on such factors as the company’s maturity, the nature and complexity of the business and the market is serves.

An effective business plan serves at least four useful purposes:

It helps entrepreneurs focus their ideas
It creates a track for management to follow in the early stages of the business
It creates benchmarks against which the entrepreneur and management can measure progress
It provides a vehicle for attracting capital to help finance the business

FMBP Process Overview:

All entrants must submit an Executive Summary utilizing the recommended format in the preliminary round. The executive summaries will be judged according to the judging criteria and all participants will receive feedback on their scores in each category along with the average scores of all other participants.
Executive Summaries are accepted from 9/1/2018 through 5/31/2019. The finalists will submit their plan to the judges from 2/1/2019 through on June 30, 2019.
The executive summaries that made it through the first round will proceed to the second round. Second-round-finalists will be required to submit a full business plan. It is recommended, but not required, that the Business Plan Template provided by FMBP be used to create the Business Plan.
Business plans will be judged according to the judging criteria and all participants will receive feedback on their scores in each category along with the average scores of all participants in each category.
All business plans deemed by the judges to be viable will proceed to the final round. Finalists will be required to present a 90-second video to a closed session of judges.
The judges will include investors, bankers, business professors, community representatives, and other distinguished members of the business community.
The entrants will retain all rights to the plan regarding its use at all times prior to and following the Competition.
The decisions of the judges are final and no correspondence will be entertained.

Winners

The winners of the competition are announced at a gala cocktail reception on 31th of July.
The winners have 90 days to claim winnings, and all unclaimed winnings is added back to the next pool.

Contact us to enroll for the business-plan competition or partner as mentor to competitors!!

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