The Independent Business Alliance and PNC Bank are gearing up to help move forward another local LGBT-owned business.
The PNC LGBT Business Award, now in its third year, is a one-time $5,000 cash award given to support an IBA member in good standing that demonstrates the capacity to grow. Applications for the award are due at the end of the month.
According to IBA president Evan Urbania, the award was created to bolster the LGBT business community.
“We wanted to strengthen member benefits and make sure that businesses here in Philadelphia are growing and supported and PNC Bank has gotten behind that,” Urbania said.
PNC Wealth Management advisor David Huting said the award is in line with the company’s commitment to diversity.
“It is important to us on our overall diversity and inclusion efforts,” he said. “As we look at who comes in and out of our buildings every day, it is an increasingly diverse customer base. The LGBT community is a very important community group that we want to be connected with.”
Huting said he hopes the award has both an individual and community impact.
“We want to encourage the small business owners in the IBA to make a focus on the business-planning efforts,” he said. “We want to help the winner, through the cash award, have a better business as well as all businesses in IBA.”
Although the award is only granted to IBA members, Urbania said interested individuals could apply for membership.
The award application process, which started in January, will end at 5 p.m. March 29. The process requires individuals to submit a basic form about their business and a five-page mini-plan.
“The idea is about expanding businesses and growing and asking them to submit plans and ideas and how they would use the cash reward to make their business stronger,” Urbania said.
A selection committee comprised of a representative from PNC Bank, Temple University Fox School of Business, another IBA leader and Urbania will choose the winner.
Huting advised potential applicants to put together a creative and solid business plan that is clear, concise and has measurable objectives.
Urbania said the applicant pool has expanded each year.
“It is interesting because we have learned about different types of businesses and people that are inclined to apply,” he said. “Each year, we get more applicants and more aggressive plans. Last year was really neck-and-neck and there were great ideas. People are getting more creative on how they will use this money.”
Last year’s winner, Gavin McKay, said the award has been a tremendous help to his business, Unite Fitness.
“Last year, we had been moving from a local mom-and-pop studio to having a full online and franchise business,” McKay said. “We did most of it on our own and every dollar counts.”
McKay said much of the award money was used for building an online presence, including a mobile-friendly website and a Unite Fitness app.
Interested businesses should be located in the Bucks, Chester, Montgomery and Philadelphia counties, or in Burlington, Camden, Gloucester, Mercer or Salem counties in New Jersey or New Castle County, in Delaware. Applicants must be over 18 and operate a privately owned company that has been in business for at least three years.
For more information on the award and the application process, visit www.independencebusinessalliance.com/award2013.
