Gov. Kay Ivey is encouraging Alabama entrepreneurs and small business owners to apply for a nationwide business competition tied to America’s upcoming 250th anniversary celebration.
The U.S. Small Business Administration’s “Freedom 250” Patriot Pitch Competition will award up to $1 million in prize money to innovative small businesses across the country.
In a statement Thursday, Ivey said Alabama businesses are well positioned to compete nationally.
“America was built by hardworking men and women willing to take a chance on an idea, and Alabama entrepreneurs are carrying that same spirit forward today,” Ivey said. “As our nation prepares to celebrate 250 years of freedom, I encourage our state’s small business owners to show the rest of the country what innovation looks like when it’s ‘Made in Alabama.’”
The competition, organized by the U.S. Small Business Administration in partnership with Clover, will award cash prizes to five winning businesses.
The first-place winner will receive $400,000, followed by $250,000 for second place, $150,000 for third place, $125,000 for fourth place and $75,000 for fifth place.
To qualify, businesses must meet the SBA’s definition of a small business, have operated for at least three years and generate at least $100,000 in annual gross revenue. Applicants also must have previously benefited from certain SBA capital programs, including 7(a), 504 or microloan programs.
Businesses must be headquartered and operated in the United States and fully owned by U.S. citizens or lawful permanent residents.
Eligible businesses are required to submit a pitch deck in PDF format through the SBA’s Freedom 250 competition portal.
“This competition celebrates the same entrepreneurial spirit that has powered America for nearly 250 years,” Ivey said. “I look forward to seeing Alabama businesses step up and make our state proud.”
Applications for the competition are due by June 10 at 10:59 p.m. Central Time.
More information, including eligibility requirements and submission instructions, is available through the U.S. Small Business Administration Freedom 250 competition webpage.
