Principle Five: Education, training, and information. Credit unions provide financial education to their members as well as the communities they serve.
Principle Seven: Concern for community. Since credit unions are locally owned financial institutions, they are committed to investing in the community.
| Heather Pendrak (left) and Destiny
Riley won prizes at the Summit
Heather Pendrak, a local high school teacher, won first place in ReBuildUp, LLC's “PitchPocalypse” business plan contest held at Greensboro Central Library on Sunday, May 17th. Summit Credit Union sponsored the contest. Heather's winning idea was for a 3D scanning company that scans finished goods for furniture market clients and others creating files that can easily be printed out using 3D printers.
As the first place winner, she will be receiving $200 for her new company, one year membership to the Greensboro Chamber of Commerce, three months of accounting help from Michael Robinson Accounting, LLC., and access to Elon's Business Clinic.
Second place went to Destiny Riley, a rising Senior at UNCG, for her startup specializing in replacing toxic nail products with safer ones for area salons. She won $100 along with Greensboro Chamber membership, three months of accounting help, and legal assistance from Elon's Business Clinic.
Both entrepreneurs now move on to ReBuildUp's “Startup Test Flight” three month class to test out their business concepts in the real world. Once completed, both become eligible for micro loans up to $5,000 each from the Greensboro Community Development Fund.
Michael Norbury, Manager of ReBuildUp, LLC says: “We've found that micro lenders who offer their own pre-loan business education courses still end up with candidates lacking real world entrepreneur experience. Our Startup Program has been designed to provide this missing piece for applicants.”
To qualify for the PitchPocalypse, Heather and Destiny took part in the “ReBuildUp Course” held the day before at the Central Branch Library. During the four hour course, they joined others in playing a series of business mini-games that focused on economic fundamentals, idea development, and marketing tricks. The ReBuildUp Course, PitchPocalypse, and Startup Test Flight make up ReBuildUp, LLC's “Startup Program” that helps aspiring teen and adult entrepreneurs test the waters of small business for a three month period with monetary, networking, accounting, and legal filing assistance.
ReBuildUp plans to hold the next ReBuildUp Course and PitchPocalypse in late July at Greensboro Central Library.