CBP Holds First Annual Business Plan Competition

Carteret, NJ – Mayor Dan Reiman has joined with the Carteret Business Partnership (CBP) to announce that the CBP will hold its first annual Business Plan Competition in efforts to recruit and attract new businesses to the Borough.

Teams of student entrepreneurs participating in the competition belong to several NJ state universities, such as: Rutgers State University, Kean University, New Jersey Institute of Technology, Montclair State University, and New Jersey City University. The competing teams were preselected by the universities through their business plan competitions. The winning team from this competition will receive a $20,000 grant towards business start-up costs in Carteret.

“The Carteret Business Plan Competition is a key component of our efforts to create an incubator of entrepreneurism in the Borough,” said Mayor Reiman. “The competition focuses on startup businesses in all growth sectors.”

Investors Bank of Carteret has provided the CBP with a $5,000 grant towards the competition. This is the first entrepreneurial initiative of its kind offered at a municipal level.

“We are proud to support the Carteret Business Partnership’s Business Plan Competition,” said Suzann Rizzo, Investors Bank Carteret Branch Manager. “We hope the competition showcases the best of what new entrepreneurs have to offer and look forward to the outcome. We wish the best of luck to all participants.”

The CBP is a private-sector non-profit organization established in 2003. Since then its Board of Directors, comprised of volunteers, has initiated a range of business startup programs. The CBP operates as a District Management Corporation (DMC) comprised of local business leaders and investors, who fund improvements to Carteret’s business districts.

“Through the Carteret Business Plan Competition the winning team of entrepreneurs will turn their innovative idea into an actual business,” said Mark Hruska, Chairman of the CBP. “There is an incredibly strong entrepreneurial spirit among these talented students, which is apparent in the creative and socially-minded business ideas.”

The competition will serve as a springboard for the students’ most innovative ideas. Participating teams are currently creating and refining their business plans to pitch their business ideas. Successful entrepreneurs and experts from Carteret’s local businesses will serve as panel judges. As part of the Carteret business community, these new entrepreneurs will be eligible for numerous incentives available that dozens of local businesses have already taken advantage of in Carteret.

CBP finances business opportunities through various ways, such as:

  • Micro-loans for small businesses at the size of $10,000-$250,000.
  • Marketing assistance grants for up to $5,000 after opening.
  • Façade Grants for 75% program match of up to $25,000.
  • Sign/Awning Grants for 75% program match of up to $5,000.

The Business Plan Competition will be held on December 19th, 2015, at 11 a.m., at the Hotel Executive Suites in Carteret, NJ. The public is also invited to watch the business plan presentations. For more information, contact the Carteret Business Partnership at (732) 541-3801.


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