Q. What types of businesses are NOT eligible?
A. Franchises, multi-level marketing businesses, full service restaurants and businesses being purchased from another party are NOT eligible for the Business Boost Bundle contest. Nor are Charitable or Not for Profit organizations.
Q. I am interested in launching a business with a partner – do we both apply?
A. No, one applicant will apply, but definitely cite that you’re a partnership and note the skills that the other person brings to enhance your idea and potential for success. Mandatory business training sessions for finalists should be attended by both parties.
Q. What expenses are covered by the Business Boost Bundle contest? What expenses would the winners have to cover?
A. The Business Boost Bundle contest covers the cost of the lease (with payment made directly to the landlord), $5,000 towards the cost of leasehold improvements, and $2,500 towards the costs to develop new interior or exterior signage. Winners are responsible for utilities and equipment purchased to operate their businesses.
Q. If I am a finalist, what is expected of me?
A. We expect your active participation and follow through! You will be required to attend 3 MANDATORY business training sessions. You will also complete a comprehensive Business Plan (with coaching available) and present to the judging panel in a LIVE finale – May 14th (evening) at Lambton College Event Centre. As well, be advised that you may be subject to a background check, including a credit check.
Q. Where are the locations I can choose from if I win?
A. We are securing interested locations and will update online as they are confirmed. Be advised that these may change as the May finale approaches. Landlords may receive offers to lease in the interim and are not required to ‘hold’ properties, and decline a qualified tenant.