“We have had a great response to this,” said Nancy Ketch, Houlton community development director, speaking of the challenge sponsored by the town, Southern Aroostook Development Corp. and Machias Savings Bank. The competition was open to those with new business ideas, existing businesses with a new idea or those planning to expand and businesses outside the area considering investing in Houlton.
The winning business will receive a package that includes up to a $25,000 forgivable loan and donated services by several areas businesses. Those donated perks include website design, advertising, and legal and accounting services.
To participate, entrants first submitted business concepts in mid-September and then presented a 5-minute oral “pitch” to the selection committee in hopes of making it to the second phase of the competition. Participants submitted their completed business plans at the end of November.
Houlton is not the first community to develop such a challenge.
Biddeford held a similar competition in 2012, and Gardiner and Skowhegan held challenges last year.
Ketch said that six entrepreneurs submitted entries.
“Everyone moved on to phase two,” she said. “It was during that phase that there was an elimination process and the two finalists, who are both local individuals, were selected.”
Ketch said that the committee wanted to keep the names of those entered under wraps until a winner is selected during the last week of January.
