– Bank to award $15,000 and $5,000 to grand prize winner and runner-up, respectively
– Contest designed to help small business owners, entrepreneurs expand their businesses
– Connecting through social media
BBVA Compass today launched a new Great Ideas for Small Business contest that taps into its social media networks to reward those entrepreneurs who are thinking of new, exciting ways of doing business.
The contest, which builds on the successful campaign launched in 2013, extends BBVA Compass’ efforts to fuel small business growth throughout its footprint. Small business owners and entrepreneurs interested in participating can submit their business ideas using the #GIFSBcontest hashtag on Twitter and Instagram or by uploading their photos and ideas to the contest website for a chance to compete for a $15,000 grand prize and $5,000 runner up prize.
“Small businesses are a vital part of our communities,” said Lonnie Hayes, small business banking executive director at BBVA Compass. “As an organization, we are committed to supporting the growth strategies of small business owners as they strive to move their companies forward.”
The competition will be held in two phases, with phase one of the contest submission period beginning today and extending through May 15. Winners will be determined based on a combination of social media community votes received during phase two, which runs May 16 through May 31, and scores given by a panel of judges from BBVA Compass.
The bank’s first Great Ideas for Small Business contest took place in 2013, on Facebook, and awarded $10,000 each to Birmingham, Ala.-based The Green Bottle Candle Co. and Truth or Consequences, N.M.-based The Centipede™ Sawhorse.
Ed Adkins, inventor of The Centipede Sawhorse, said the contest helped his company connect with and grow its social media followers. Adkins said the prize was awarded at a critical point in the startup of his company, and allowed him to subsidize shipping costs for distributing the first production run to its crowdfunding supporters.
“We’re hoping to surpass the last contest’s success by engaging more business owners in the social media conversation, and we look forward to helping two small business owners take their companies to the next level,” Hayes said.
More information about the BBVA Compass’ Great Ideas for Small Business contest is available here: bbvacompass.com/special/201505/great-ideas/.
NO PURCHASE NECESSARY TO ENTER OR WIN. Open to legal residents of Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas, who are 18 and older (19 in Alabama) who own a business with a yearly gross revenue of $5 million or less. Void where prohibited. Promotion begins on 05/01/2015. Entry deadline 05/15/2015. Contest ends 05/31/2015. Visit bit.ly/1MBmYbA for Official Rules and contest details. Sponsor: BBVA Compass, 15 South 20th Street, Birmingham, AL 35233.
About BBVA Group
BBVA Compass is a subsidiary of BBVA Compass Bancshares Inc., a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a customer-centric global financial services group founded in 1857. The Group has a solid position in Spain, is the largest financial institution in Mexico and has leading franchises in South America and the Sunbelt region of the United States. Its diversified business is geared toward high-growth markets and relies on technology as a key sustainable competitive advantage. Corporate responsibility is at the core of its business model. BBVA fosters financial education and inclusion, and supports scientific research and culture. It operates with the highest integrity, a long-term vision and applies the best practices. The Group is present in the main sustainability indexes. More information
About BBVA Compass
BBVA Compass is a Sunbelt-based financial institution that operates 672 branches, including 341 in Texas, 89 in Alabama, 77 in Arizona, 62 in California, 45 in Florida, 38 in Colorado and 20 in New Mexico, and commercial and private client offices throughout the U.S. BBVA Compass ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (5th). BBVA Compass earned the top ranking with customers in American Banker’s 2014 annual reputation survey of the top 25 largest U.S. retail banks. It also has been recognized as one of the leading small business lenders by the Small Business Administration and in 2014 ranked 12th nationally in total SBA loan volume.