MINNEAPOLIS – Minneapolis Business Mentors (MBMentors), a local volunteer non-profit organization dedicated to providing free guidance for entrepreneurs and emerging small businesses, announced today it is introducing the Loren Herbst Small Business Memorial Award as a way of recognizing promising new enterprises.
The Herbst Award is open to any entrepreneur or small business that takes advantage of MBMentors’ free 1:1 mentoring service. In addition to mentoring, MBMentors also provides business plan advice, workshops, online resources, advisory council input and CEO roundtables. All services are free to existing and prospective entrepreneurs, except for the CEO roundtables.
“Loren Herbst was one of the co-founders of Minneapolis Business Mentors and a champion of mentoring new and growing small businesses,” said Art Shore, MBMentors Chair. “This award is a way to honor his legacy while at the same time supporting entrepreneurs who are bringing forward the best in new ideas.”
Herbst died from COVID last November at age 84. A graduate of Shakopee High School and Gustavus Augustus College, Herbst was a longtime bank executive at Norwest/Midland. He was active in several civic organizations and was a board member of the former Bethesda Hospital. In retirement, Loren served on the boards of Eagle Ridge Academy and SPEDCO prior to joining Minneapolis Business Mentors.
Award winners will be eligible for cash prizes ranging from $1,000 to $2,500. To be eligible, an entrepreneur must have a business registered in Minnesota, a completed business plan and have participated in at least three mentoring sessions with MBMentors. Entrants must also complete a brief application form. Three finalists will be selected to present their application to an awards committee comprised of one MBMentor member and two business executives.
Award applicants will be judged in a variety of categories, including their overall business idea and story, business plan, completeness of SMART objectives and explanation of how they would use the award money, if selected. Preference will be given to businesses with ideas that are new, unique, or disruptive to their category or market. Applications must be received by October 15, 2021, to be eligible.
“Our mission is to help current and prospective business leaders launch their businesses and solve their toughest challenges,” said Shore. “This award program is another way of MBMentors giving back to the business community and helping the next generation of entrepreneurs and small business leaders. I encourage any small business who is interested in earning recognition for their ideas to apply.”
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About Minneapolis Business Mentors
Minneapolis Business Mentors is a non-profit volunteer organization that provides free resources to help entrepreneurs and small businesses launch their ventures and solve their challenges. Founded in 2020 by experienced business executives, the organization provides free 1:1 mentoring, business workshops, advisory councils, and peer networking. MBM also forms and facilitates monthly CEO roundtables for business leaders. More information is available at www.MBMentors.org.