MSUFCU to Award $25,000 for StartUP Challenge, Creates a 250,000 Loan Fund to Help Start-Up Businesses
April M. Clobes
Executive Vice President & Chief Operating Officer
Michigan State University Federal Credit Union’s (MSUFCU) startUP Challenge will award up to $25,000 to an entrepreneur looking to start a business in the tri-county area.
EAST LANSING, MI — MSUFCU’s startUP Challenge is an opportunity for entrepreneurs to start their businesses in the tri-county area: Ingham, Clinton, and Eaton County. The winner of the MSUFCU startUP challenge will be awarded up to $25,000 to jump-start his/her business.
Participants are asked to complete an application, business plan, and video of pitch to enter. The first round of the contest will run until to October 5, 2012. The top five entries will move on to the second round where they will present their business ideas to the startUP Challenge committee on November 5, 2012. The startUP Challenge selection committee will be comprised of local experts.
MSUFCU is also introducing the startUP Loan Fund. Entrepreneurs wanting to start a business in the tri-county area may apply for loans up to $15,000 to aide in the development of their businesses. Similar to the startUP Challenge, businesses need to complete a loan application and business plan. MSUFCU’s new loan fund has $250,000 to lend to local entrepreneurs.
Patrick McPharlin, President/CEO, commented, “MSUFCU is excited to provide entrepreneurs with the means to start their own businesses. We hope that the startUP Challenge and startUP Loan Fund will attract more businesses to the area to help to grow the local economy.”
MSU Federal Credit Union, the world’s largest University-based credit union, serves Michigan State University and Oakland University faculty, staff, students, alumni association members and their families worldwide. Founded in 1937 by a handful of MSU professors and employees, MSUFCU now has 168,000 members, $2.25 billion in assets, and more than 450 employees. MSUFCU was named the Michigan Credit Union League Credit Union of the Year in 2010.