Michigan State University FCU Awards $25,000 to Local Entrepreneurs
The founders of an information site and aggregating Web application are the $25,000 winners of Michigan State University Federal Credit Union’s startUP Challenge.
Phil Threadgould and Andy Bentz, the founders of CrowdLanding, received the prize to expand their business, the $2.3 billion MSUFCU in East Lansing, Mich., announced Wednesday.
“We are ecstatic to have won the startUP Challenge. The $25,000 prize provides CrowdLanding with the opportunity to further develop our website and strengthen our business much more quickly than anticipated,” Threadgould said.
Threadgould and Bentz were selected as the startUP Challenge winners from 35 local entrepreneurs. Entrants submitted applications, business plans and video pitches, with five finalists presenting their business ideas to the startUP Challenge selection committee of Greater Lansing business professionals, according to the credit union.
The startUP Challenge provided the opportunity for entrepreneurs to start their businesses in the Michigan counties of Ingham, Clinton and Eaton.
“We are proud to provide resources to support small businesses and our local community. We hope the startUP Challenge and MSUFCU’s new startUP Loan Fund will attract more businesses to the area to help grow the local economy,” said Patrick McPharlin, president/CEO of the credit union.
In addition to the startUP Challenge, Michigan State University FCU 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 credit union said the loan fund has $250,000 to lend to local entrepreneurs.