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City of Tuscaloosa Initiates Innovative Business Plan Competitions Benefitting Tornado Recovery Areas

City of Tuscaloosa Initiates Innovative Business Plan Competitions Benefitting Tornado Recovery Areas

The City of Tuscaloosa launches Innovate Tuscaloosa, a business plan competition to encourage economic growth in tornado recovery areas.

This Shark Tank style competition will award two $100,000 loans to new businesses in the 10th Avenue or Alberta areas. The competition will benefit regions still recovering from the April 27, 2011 tornado, and funding will act as an incentive for business development. The ultimate objective is to bring a new or missing service to the areas and stimulate job creation. 

Applications will be available March 7 on Tuscaloosa.com and in the Infrastructure and Public Services administration office in Tuscaloosa City Hall. Selection of awarded businesses will be made by the Community Development Block Grants Committee. 

The City of Tuscaloosa will also contribute $50,000 to the Edward K. Aldag Business Plan competition through The University of Alabama and in partnership with the EDGE. The competition will take place March 27. The City’s allocation will benefit a Tuscaloosa community entrepreneur, who plans to develop a business in the recovery zone.  

Tuscaloosa City Council amended its preexisting Small Business Revitalization Loan Program, made possible through the City’s U.S. Department of Housing and Urban Development’s Community Development Block Grant disaster recovery award, in order to reinvest funds for these new initiatives.