After viewing pitches from 35 entrepreneurs, Michigan State University Federal Credit Union is ready to hear from the five finalists who are in the running to be awarded $25,000.
The $2.3 billion credit union in East Lansing, Mich., recently launched the startUP Challenge with 35 entrants submitting applications, business plans and video pitches to explain why their business would be a worthy start-up.
Five entrepreneurs were ultimately selected to present their business ideas to the startUP Challenge selection committee on Nov. 5. Introductions and refreshments will begin at 8 a.m. with the first pitch beginning at 8:30 a.m. The public is invited to attend.
The startUP Challenge is an opportunity for entrepreneurs to start their businesses in Ingham, Clinton and Eaton counties. The winner will be awarded up to $25,000 to jump-start his or her business.
“MSUFCU is excited to provide entrepreneurs with the means to start their own businesses, and we’re thrilled with the response we’ve already received for the startUP Challenge,” said Patrick McPharlin, MSUFCU’s president/CEO.
The startUP Challenge committee will comprise Greater Lansing business professionals including experts from Michigan State University, MSUFCU and the Lansing Area Economic Partnership, the credit union said.
In addition to the contest, MSUFCU said it also recently introduced the startUP Loan Fund. Entrepreneurs in the tri-county area may now apply for loans up to $15,000 to aid in the development of their businesses. The new loan fund has $250,000 to lend to local entrepreneurs, according to the credit union.