Dec. 1, 2008: Business Competition
Promotes Small Business Development
By L. Michael Treadwell, CEcD, Executive Director, Operation
Oswego County
Operation Oswego County (OOC) was extremely
proud to partner recently with the New York State Small Business
Development Center at SUNY Oswego (SBDC) to host “The Next
Great Idea” $25,000 Oswego County Business Plan Competition
(NGI).
Ocean Blue Technology, LLC was named the
2008 competition winner at a reception held in Oswego in November.
Owned and operated by Paul Grimshaw and Rick Harvell, the Fulton-based
company has developed an innovative piece of diving equipment which
is intended to be safer than its current competitors and has appeal
in the recreational diving market. The company has plans for modifying
the equipment for commercial diving and Homeland Security applications.
The product would be manufactured in Oswego County and sold in all
major diving markets including the Great Lakes region, Florida and
California.
The competition began in May 2008 with eligible
teams submitting an executive summary of their business idea. In
June, a team of judges evaluated the executive summaries and semi-finalists
were selected for round two. Three semi-finalists were then required
to submit a business plan per competition requirements by September.
Prior to the awards luncheon, the finalists were required to give
a 20-minute presentation on their business plan to the panel of
judges who then selected the winner. In addition to Ocean Blue Technology,
Gapzip.com and Lake Ontario Pure were advanced to the final round
of judging.
NGI is the result of business and community
leaders joining together to encourage entrepreneurs to commit to
new business development in Oswego County. I would like to thank
the following sponsors for making the competition possible: Constellation
Energy, Fulton Savings Bank, Key Bank, PathFinder Bank, Alliance
Bank, C&S Companies, County of Oswego Industrial Development
Agency, Entergy Nuclear, National Grid, News 10 Now, SUNY Oswego,
Broadwell Development, Caraccioli & Nelson, Central New York
Regional Planning and Development Board, Fulton Tool Company, Mitchell
Printing and Mailing and Steve Chirello Advertising. OOC and the
SBDC were also major sponsors.
I would also like to thank the judges for
the event including Bill Lovell of Cayuga Community College, Heidi
Hazen-Forte of Hazens Athletic, L’Quentus Thomas of Stonehedge
Capital, Steve Thomas, local entrepreneur; Tom Delduchetto of the
SUNY Oswego School of Business, David E. Mckeon of Cobblestone Financial
Group, and Shawn E. Seale of Key Bank, Oswego.
The $25,000 prize must be used to start or
expand a business in Oswego County and can potentially be leveraged
to borrow up to $250,000 in partnership with local banks, the Oswego
County Industrial Development Agency, the cities of Oswego and Fulton
community development offices, the U.S. Small Business Administration,
and other economic development agencies.
Ocean Blue Technology also received a free
submission to New York’s’ Creative Core $100,000, 2009
Emerging Business Competition.
In addition to the business competition,
Oswego County offers a wealth of other resources and opportunities
for businesses to start and flourish here.
SBA 504 Loan Program: Operation
Oswego County is authorized to finance projects using the Small
Business Administration (SBA) 504 loan program which is designed
to promote economic development growth and job creation in small
businesses. The program can make the overall financing structure
for a new business or project more attractive and affordable. The
program offers accessible, fixed-rate, long term financing for land,
buildings and equipment. Businesses eligible for SBA 504 loans are
independently-owned, for-profit businesses that are ready to expand
and create jobs. They must have a net worth less than $6 million.
An SBA Certified Development Company such as OOC finances 40 percent
of the project with an SBA 504 loan, with a bank lending 50 percent
and the small business provides ten percent equity.
County of Oswego Industrial Development
Agency (IDA): The public benefit corporation administers
several revolving loan fund programs that can be used to provide
gap financing for small businesses. The program can be used to finance
real estate, machining and equipment, construction and other eligible
soft costs. Loan terms vary with the use of funds and interest rates
are typically prime minus two percent.
Small Business Development Center
(SBDC): Located at SUNY Oswego’s Rich Hall, the SBDC
provides a wide range of management and technical assistance such
as business plan development, exploring funding options, business
expansion, marketing and training, workshops and seminars.
OOC works cooperatively with the SBDC and
the cities of Oswego and Fulton to provide a Micro-Enterprise
Training Program which is designed to guide the entrepreneur
through all aspects of starting and running a small business. Step-by-step
classroom instruction is presented by area business professionals
on topics including business planning and financing, accounting
and tax issues, marketing and business insurance. Graduates of the
program are eligible to apply for a Micro-Enterprise loan to expand
or start their business in Oswego County. For a current schedule
of classes, visit www.oswegocounty.org/trainingnetworking.htm.
Business Incubators: OOC
manages two incubator buildings with affordable rental space for
non-retail industrial and service businesses. The Start-up Facility
(SUF) in the Oswego County Industrial Park in Phoenix, and the Oswego
County Business Expansion Center (BEC) in Oswego are designed to
help businesses achieve significant growth and development during
the first few years of business with the intention of eventually
moving out of the building and into private commercial space. The
SUF consists of 1,500 square feet of office space, 8,500 square
feet of manufacturing space and three receiving docks. The BEC has
about 10,000 square feet of office space, 5,000 square feet of light
manufacturing space and one receiving dock.
For more information on these programs and
other economic development services in Oswego County, call Operation
Oswego County at 343-1545 or visit our website at www.oswegocounty.org.
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