The votes have been tallied and a winner has been selected in the Cornerstone Credit Union Foundation’s BizKid$ Entrepreneur Contest. According to Foundation Executive Director Courtney Moran, Beacon FCU and its partnering school, Hamshire-Fannett Middle School, won for their “Yum Yum Shop” school-sponsored concession stand.
Beacon FCU was one of three credit unions to participate in this pilot program, which was funded by a grant from the National Credit Union Foundation. Other credit unions that participated in the pilot included FivePoint CU and Dallas CU. Both credit unions collaborated with a local school for the pilot program, and FivePoint CU collaborated with Horace Mann Junior High, and Dallas CU with Francisco “Pancho” Medrano Middle School. All three credit unions selected up to three teachers each to work with for the pilot program. These teachers had the option for the entire class to work on one project, or divide the class into groups to work on more than one project. Whichever way the teacher decided to proceed, they could only submit one presentation to go the final competition.
In January of this year, the Foundation, in partnership with the Consumer Credit Counseling Services of Greater Dallas, conducted a training session specifically for these classroom teachers, principals, superintendents, and counselors. The one-day training was broken down into two parts; Part I: personal financial education training conducted by CCCS, and Part II: BizKid$ “Train the Trainer” conducted by the Foundation. The purpose of the training was to ensure school personnel were empowered to work with students selected to participate in pilot program.
Each school selected a team who would work with their partner credit union to come up with a business plan, and then present those plans to an impartial panel of judges. The Hamshire-Fannett Middle School team came up with “Small Town Sweets,” while the Medrano middle school team created “Loving Fashion Corporation.”
As the winner, the Hamshire-Fannett Middle School class will receive the following
Breakfast at Cracker Barrel May 7
T-shirt indicating they are all BizKid$
A tablecloth personalized with the company’s logo (Yum Yum Shop)
A celebratory banner for the classroom
Educator Tammie Terrell was to receive a $500 gift card to Office Depot, but instead has chosen to share with her students by either opening a savings account or CD with $100 for each student at Beacon FCU. The credit union, Beacon FCU, will receive a $1,500 grant to purchase BizKid$ box set DVDs, in turn donating to libraries, schools, after-school programs, etc. on their behalf.
“We are thrilled with the success of this pilot program. Students, educators and credit unions collaborated in a meaningful way. And drawing on each other’s strengths, all three schools came up with creative and detailed business plans,” notes Moran. “I’m confident that this experience made an impression on students, and having gone through this exercise, they have a better sense of what it takes to be a successful entrepreneur. And perhaps more importantly, they understand how important it is as a consumer, and small business owner, to have that credit union relationship.”
In May, all participants will come together at the Cornerstone Credit Union League’s headquarters in Farmers Branch, to discuss the pilot program, as well as to experience a Retirement Fair, and play Money Habitudes, a game that helps people talk about money, understand financial psychology and explain their money personality type.