Deadline: 25 October 2023
Do you have a dream to grow your business? Applications are now open for the Raising Innovative Sherman Entrepreneurs (RISE) Challenge, an initiative to identify, develop and fund local entrepreneurs.
The RISE Challenge is implemented through a partnership between the Sherman Economic Development Corporation (SEDCO), Austin College, the Grayson Small Business Development Center (SBDC), PQD Design & Manufacturing, LLC., and Lori Ann Cannon, CPA.
Sherman’s RISE Challenge is open to companies that have been in business between one and five years and whose core business activity is in an eligible category as defined by the North American Industry Classification System (NAICS).
Funding Information
- SEDCO has allocated a total budget amount of $250,000 for the 2024 RISE Challenge. Individual awards will be determined by the judges and may not exceed $100,000 per business but will not be less than $25,000.
- If the amount awarded is $75,000 or less, the term of the agreement will be three years. If the amount awarded is more than $75,000, up to $100,000, the term of the agreement will be four years.
Eligibility Criteria
Your initial application will be reviewed for eligibility based on the following:
- Company must have been in business 1 year but no more than 5 years as of October 25, 2023.
- Company must be located within Sherman, TX, or willing to relocate and secure a purchase or lease agreement by April 5, 2024.
- More than 51% of revenue must come from outside Grayson County within 3 years of winner announcements.
- Company must be Type A eligible per Texas law and can classify the business with a qualifying NAICS Code.
- For Round 2, a credit history report and criminal background check will be obtained for all owners and active spouses with 20% or more of ownership.
- Company and/or owner must not be a prior RISE winner.
- Company must not compete directly in terms of product, distribution, service and/or promotion with a former RISE award recipient. SEDCO will determine this during one-on-one interviews.
- Owners cannot be related by first degree of blood or marriage or have investors that are members of the SEDCO Board of Directors and staff, RISE Partners, or RISE Judges.
For more information, visit Sherman Economic Development Corporation (SEDCO).
