Entrepreneurs looking to launch their businesses in several Michigan counties may have the opportunity to do so with the help of Michigan State University Federal Credit Union.
The $2.25 billion credit union in East Lansing, Mich., is calling on persons to compete in its startUP Challenge.
The winner will be awarded up to $25,000 to jump-start his or her business in Ingram, Clinton and Eaton counties in Michigan. Participants are asked to complete an application, business plan and video pitch to enter.
The first round of the contest will run until Oct. 5. The top five entries will move on to the second round where they will present their business ideas to the startUP Challenge selection committee on Nov. 5. The committee will be made up of local experts, according to the credit union.
Michigan State University FCU said it is also introducing the startUP Loan Fund. Entrepreneurs wanting to start a business in the tri-county area may apply for loans up to $15,000 to aid in the development of their businesses. The credit union said the fund has $250,000 to lend to local entrepreneurs.
“MSUFCU is excited to provide entrepreneurs with the means to start their own businesses,” said Patrick McPharlin, president/CEO. “We hope that the startUP Challenge and startUP Loan Fund will attract more businesses to the area to help to grow the local economy.”
The credit union serves 168,000 members.