Small Business News
BankUnited Launches Inaugural Women in Business Challenge
Women-owned businesses that could use an extra $10,000 might be interested to hear about the latest small business challenge. BankUnited’s inaugural “Small Business, Big Dreams” content is now accepting entries through September 23rd. However, applicants must be based in either New York or Florida and be at least 51% women-owned. Additionally, the content defines “small businesses” as those with annual revenues of no more than $3,000,000 for the previous two fiscal years and who have fewer than 20 full-time employees.
To enter, business owners will need to complete an application as well as provide an “elevator pitch” for their business. These video pitches can be up to three minutes in length and should include how the business would utilize the $10,000 prize money. After the application deadline, four finalists will be selected by October 13th. These finalists must then attend the “Small Business, Big Dreams” Women in Business Summit, taking place on Wednesday, October 27th in Fort Lauderdale, Florida. There, business owners will present their plans in front of a panel of judges who will ultimately choose the winner.
In a press release announcing the contest, BankUnited EVP/head of consumer and small business banking Lisa Shim stated, “As champions of small business, we at BankUnited know that small businesses are the heart and backbone of any community. While women business owners drive innovation, they often face particular challenges on their path toward success.” Shim continued, “Through BankUnited’s ‘Small Business, Big Dreams’ Women in Business Challenge, we hope to elevate women business owners by recognizing their contributions and providing them with tools to turn their dreams into reality.”
The “Small Business, Big Dreams” contest is one of several recent efforts among big companies, banks, and other organizations to help entrepreneurs rebound and flourish after a challenging year. One notable small business contest came from Mastercard and Major League Baseball as the pair launched the “Home Team Advantage” contest for business owners in Los Angeles, Boston, and Atlanta. However, entries for that promotion ended on August 1st. Elsewhere, in the past few months, FedEx, American Express, DoorDash, and others have offered grants, accelerators, and other resources for small businesses — often focusing on underrepresented communities of entrepreneurs.
Once again, the scope of BankUnited’s contest is fairly limited as it’s only available to women business owners in two states. Nevertheless, for those who qualify, this could prove to be a big opportunity. Thus, those interested in applying should ensure that their applications and videos are in by the September 23rd deadline. Good luck!
