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No Comments [ Add Comment ]Ogden to offer three business grants
By SCOTT SCHWEBKEOGDEN -- The city will shell out $20,000 to find the three best business plans for new and unique retail establishments downtown.
Mayor Matthew Godfrey unveiled details regarding the Ogden Retail Challenge during a Monday news conference.
The contest that runs through Aug. 25 will help revitalize the city's downtown business district extending from Wall Avenue to Adams Avenue between 20th and 27th streets, said Godfrey.
"We want to re-establish retail in the downtown core," he said, adding that Ogden has long been known for its unique stores and shops.
The contest calls for the city's administration to award a $10,000 prize to the entrepreneur who submits the best retail business plan and $5,000 each to second- and third-place finishers.
The contest is open to existing businesses that want to expand and new start-up companies.
Winners will be announced by the end of September. To claim prize money, entrepreneurs have to obtain a city business license by June 1, 2009 and promise to operate in the central business district.
Entrepreneurs interested in competing must first contact the city's Business Information Center at 629-8604. Information about the contest is also available at the city's Website, www.ogdencity.com.
After submitting an application to the BIC, entrepreneurs must then attend a counseling session for help in developing a business plan, said Kamie Geiger, a special projects coordinator for the city.
The city's Retail Advisory Board will review the business plans and select three winners, who will be required to undergo financial screenings to further ensure their proposal is viable, said Geiger.
The city will assist winners in submitting applications for small business loans and additional financing from the Bank of Utah and Zion's Bank, which are helping with the contest.
The city also is working with several downtown landlords to secure reduced leases for contest winners, Godfrey said.
The retail business competition is unrelated to the "Concept to Company" contest being sponsored primarily by Zions Bank, Grow Utah Ventures and Utah Science, Technology and Research, and the city.
That contest will award $40,000 equally in cash and services next month for three new product and business ideas aimed at bolstering Ogden's reputation as an outdoor-recreation center.
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