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Kitsap Bank Announces Seventh Annual edg3 FUND Small Business Competition

July 29, 2020
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Kitsap Bank announced that the edg3 FUND small business competition will undergo some significant changes in 2020.  Created in 2014, the annual business competition is now in its seventh year.  edg3 FUND (pronounced edge fund) is the Bank’s annual small business competition recognizing entrepreneurs dedicated to growing our community in 3 ways:  economically, socially and environmentally.  And in 2020, the competition will also recognize small businesses that have demonstrated innovation and resiliency during the COVID-19 pandemic.

Prizes and prize money have been increased in 2020. 

  • edg3 FUND Grand Prize - $25,000 goes to the business that in the judges’ opinion best demonstrates their commitment to the triple bottom line business model, contributing to the community economically, socially and environmentally.
  • Innovation Award - $10,000 goes to the company that demonstrates creativity, innovation and resiliency, providing unique solutions, products and services to remain relevant, competitive, and focused on long-term growth.  Faced with challenges, the business adapts and overcomes obstacles.
  • Community edg3 Award, a #causegood Commitment to the Community - $5,000 will be awarded to the business deemed most committed to making a difference in its community – giving back through volunteer work or monetary donations, and working cooperatively with others to strengthen the community.
  • Hometown Favorite Award - $5,000 goes to the business that receives the highest number of votes in the online public vote.

edg3 FUND Finalists receive a video about their company, as well as exposure for their business through advertising and social media.  The Finalists also benefit through mentoring and connections to local resources for their business. 

Nomination Period Opens August 3

This year, Kitsap Bank is encouraging the public to participate by nominating small businesses that they believe meet the edg3 FUND triple bottom line mission.  Nominations will be accepted August 3 through August 31, 5pm PDT.  Small business owners may also nominate themselves.  Nominated companies will be directed to the online application on Kitsap Bank’s website, which will be posted August 15 and must be completed no later than September 15, 5pm PDT.  

Interested entrepreneurs and small business owners are directed to the Bank’s website, www.kitsapbank.com/business/edg3-fund, to access the official rules and application. Candidates will be challenged to make the case for how the grand prize of $25,000 will be a game changer that will take their business to a new level.  While not required in order to apply, contestants are invited to include video with their application if they wish, to help make their case to the judges. 

Final Pitch and Public Vote

After the application period ends, seven finalists will be chosen by a panel of judges.  The finalists will be announced on October 1, 2020.  Finalists will pitch their business and be interviewed by the judges by appointment during the weeks of October 2 to 23, 2020.  Public voting will take place through Kitsap Bank’s website October 26-November 6.   The public vote will select the Hometown Favorite Award winner, and these votes combined with the judges scoring will help to determine the top prize winners.  Winners will be selected based upon how well they meet the mission and criteria; this is not a needs-based competition.  Kitsap Bank will announce the winners on Friday, November 20, 2020 during Global Entrepreneurship Week.  For-profit small businesses based in Western Washington that have a positive economic, social, and environmental impact on the communities Kitsap Bank serves are encouraged to apply. The business needs to have a commitment to their idea and concept, and make the case for how the prize money will give their business an edge.

Past Contestants

Past contestants include a number of celebrated Washington businesses, including:  Fuchsia Shoes, Sequim Bee Farm, OlyKraut, Combat Flip Flops, JikoPower, Kitsap Fresh, and Vita Inclinata, to name a few. 

“We began the edg3 FUND small business competition to recognize small businesses that, like Kitsap Bank, are committed to making our community a better place and doing so in unique and innovative ways,” states Tony George, Kitsap Bank President & Chief Operating Officer, “Now, in the midst of a pandemic, supporting our small business neighbors is more important than ever.  We look forward to shining a light on our local businesses through edg3 FUND 2020 – telling their stories, connecting them to local resources for their business, and ultimately awarding prize money that we hope will give these deserving businesses an ‘edge’ during these challenging times.”

 

Established August 8, 1908, Kitsap Bank is headquartered in Port Orchard, WA, operating 22 locations throughout Western Washington.  With over $1.4 billion in assets, the Bank provides a full range of financial services to commercial and individual clients.  Kitsap Bank has been named a Preferred Lender by the U.S. Small Business Administration, and a Top Corporate Philanthropist by the Puget Sound Business Journal.  Kitsap Bank is ranked the 15th largest bank based in the State of Washington and is the sixth largest women-owned business, according to the Puget Sound Business Journal.  The Bank was named Family Owned Business of the Year in 2015 by Seattle Business magazine and has a 5 Star rating from BauerFinancial Inc. For more information, visit www.kitsapbank.com and follow us on Facebook, LinkedIn and Twitter

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