BBVA Compass today launched its Great Ideas for Small Business contest on Facebook to help entrepreneurs and local business owners make waves in their communities.
The competition provides a platform for small business owners to showcase their inventiveness while earning a chance to win one of two $10,000 prizes to help fuel business expansion. To participate, qualifying small business owners and entrepreneurs looking to start their own businesses need to submit their ideas via a contest app located on the BBVA Compass Facebook page.
The bank will award one $10,000 prize to the business idea that receives the most votes, or likes, from visitors to the Facebook app, and a second $10,000 prize will go to the idea chosen by a panel of BBVA Compass judges, pursuant to the official rules.
"Small businesses are the lifeblood of our communities," said Lonnie Hayes, small business segment director for BBVA Compass. "This contest gives us an opportunity to connect these businesses — and their incredible ideas — with our more than 80,000 Facebook fans."
Hayes said that nearly 60 percent of small business owners actively use Facebook and consider a strong social media presence critical to long-term success. The bank will help businesses promote qualifying ideas through a "share" feature on the contest page and by providing posters that can be displayed in stores and offices.
Hayes expects the contest to be particularly attractive to micro-business owners, who often have no employees and whose businesses generate less than $500,000 in annual revenue.
"For these business owners, $10,000 is a significant cash infusion," Hayes said. "It's the kind of investment that could launch a new company or fund a local ad campaign to spread the word about a new store, product or service."
The Great Ideas for Small Business contest is part of BBVA Compass' ongoing efforts to meet the specific needs of the micro-business segment, which represents 95 percent of all small businesses. In July, the bank introduced its Business Mobility Bundle, providing micro-business owners everything needed to manage their finances on the go.
NO PURCHASE NECESSARY TO ENTER OR WIN. Open to legal residents of the 50 U.S. States and D.C. 18 & older. Void where prohibited. Promotion begins on 10/15/13. Entry Deadline 11/14/2013. Contest Ends 01/15/2014. V