Citizens Bank has announced that the annual Small Business Community Champion Award contest is open to eligible small businesses. Now in its sixth year, the award aims to recognize the positive contributions that small businesses make to their communities.
The grant will award $10,000 to 30 small businesses across the Citizens reach, including ten minority-owned businesses and ten women-owned businesses.
Citizens Bank $10K Small Business Champion Contest
To be eligible, businesses must be small, for-profit businesses with a minimum of five full-time or part-time employees or contractors for at least 51% of any calendar year and annual revenue of up to $3 million.
In addition, businesses must be holders of Citizens Bank business bank accounts or be located within the states in which Citizen Bank has a presence. To enter, qualified businesses can apply at the Citizen bank business champions link by February 7, 2023 and be entered for a chance to win $10,000.
Citizens established the Small Business Community Champion Award program in an effort to support communities and small businesses. To date, the program has awarded approximately $1 million, helping 82 small businesses expand their operations, providing quality products and services to customers, and supporting community progress.
The benefits of grants and awards
Grants and awards can help strengthen your business. Especially if you find it difficult to finance your operations and find it difficult to obtain loans. Grants and prizes are effectively free money and can be a great way to start and expand your business without taking your future into debt.
Businesses can qualify for grants and awards for a variety of reasons, including supporting specific initiatives and programs or meeting certain ownership requirements that could be minority- or women-owned businesses. Grants and awards are funded by a number of government, nonprofit, and commercial groups for a wide range of initiatives and programs.
In addition to the financial incentives, there are numerous advantages. Some of them include reputation and recognition from your peers and the industry. It offers you great PR and media possibilities that build your credibility and social proof.
All of this adds to the public’s confidence in your business and an endorsement that you are doing the right thing. In addition to helping grow your business, awards lift employee spirits while your team enjoys their accomplishments. You have a better chance of attracting and keeping workers willing to work for your respected company if you consistently raise the bar higher than your competitors.
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