New Opportunity for Local Entrepreneurs
MSUFCU is committed to providing resources for members in an effort to help build our local community.
That’s why MSUFCU created the startUP Challenge. This new contest was for local entrepreneurs looking to start their business in the tri-county area: Ingham, Clinton, or Eaton County.
To enter the MSUFCU startUP Challenge, entrepreneurs were asked to submit an application, business plan, and video pitch in hopes to win the grand prize of $25,000.
Five finalists were selected out of thirty-five local entrepreneurs and had the opportunity to pitch their business plans in front of a startUP Challenge selection committee, compiled of Greater Lansing business professionals.
Phil Threadgould and Andy Bentz, founders of CrowdLanding, an information site and aggregating web application for the equity crowdfunding industry, were announced as the winners of the Challenge in November 2012.
“We are ecstatic to have won the MSUFCU 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,” said Threadgould.
In an effort to continue providing resources for local entrepreneurs year round, MSUFCU introduced the startUP Loan Fund.
Entrepreneurs now have the chance to apply for loans up to $15,000 to help fund the development of their businesses. There is $250,000 in total designated for the new loan fund.
Patrick McPharlin, MSUFCU’s President and CEO, commented, “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.”