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Bristol Bay Development Fund Announces the 2020 Path to Prosperity Competition Finalists

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FOR IMMEDIATE RELEASE
October 20, 2020

Bristol Bay Development Fund Announces the 2020 Path to Prosperity Competition Finalists

Bristol Bay Development Fund (BBDF), a subsidiary of Bristol Bay Native Corporation (BBNC), has selected 11 finalists for its second Path to Prosperity (P2P) business development competition. The finalists were chosen out of 23 applications and will now advance to a virtual business education boot camp to be held from October 28 to November 1, 2020. The list of finalists can be accessed here.

P2P, founded by Spruce Root, Inc., is a business development competition made up of two-rounds open to individuals, for-profit businesses, and tribal entities that have or intend to have a significant operating presence in the Bristol Bay region of Alaska. The business idea may be an original business concept or an extension of a current business activity. It can be a product, service, or social venture.

In the first round, applicants submit their business concept or idea. Once finalists have been selected, they move to the second round, which is a multi-day intensive set of virtual workshops and one-to-one discussions with local experts who teach the finalists the skills they need to make an individualized business plan, enhance their entrepreneurial skills, and expand their network and resource base. BBDF will provide reasonable accommodations to support a virtual learning environment and a finalists’ participation from their home community. Boot camp participants will continue to develop a business plan and compete for a grant to use towards technical assistance or consulting services.

“We couldn’t be more excited to announce the selection of finalists for our Path to Prosperity competition,” said Cindy Mittlestadt, BBDF Manager. “While our boot camp will look different this year due to the COVID-19 pandemic, I’m proud of the work our team has done to design a program that will provide a meaningful experience to our participating businesses.”

Created in 2014, BBDF’s goal is to infuse $5 million into the Bristol Bay economy over an 11-year period, investing in businesses that directly benefit our shareholder community. By deploying both financial and non-financial capital—like knowledge, planning assistance, and connections—BBDF acts as a catalyst for the successful launch of brand-new businesses and helps existing companies advance to the next level. In its P2P cycle, BBDF awarded a total of $50,000 to three finalists.

“In the Bristol Bay region, our culture is built upon the benefits of working together to provide for our communities,” said BBNC President and CEO Jason Metrokin. “BBDF is a forward-thinking expression of the principles that have long shaped our culture.”

For questions or to inquire about P2P and financial services contact Cindy Mittlestadt at (907) 265-7865 or cmittlestadt@bbnc.net. BBDF can also be found on Facebook at www.facebook.com/bristolbaydevelopmentfund.

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About Bristol Bay Native Corporation: Bristol Bay Native Corporation is a responsible Alaska Native investment corporation dedicated to the mission of “Enriching Our Native Way of Life.” Established through the Alaska Native Claims Settlement Act of 1971, BBNC works to protect the land in Bristol Bay, celebrate the legacy of its people, and enhance the lives of its shareholders. Learn more at bbnc.net.