BBVA Compass is using social media to help fuel the expansion efforts of local business owners and entrepreneurs.
The Birmingham-based bank Tuesday launched its Great Ideas for Small Business contest on Facebook.
Qualifying small business owners and entrepreneurs interested in participating are being asked to submit their business ideas via a contest app located on the BBVA Compass Facebook page. The bank will help businesses promote qualifying ideas through a share feature on the contest page and by providing posters that can be displayed in stores and offices.
The bank will award two $10,000 prizes: one to the business idea that receives the most votes, or likes, from visitors on Facebook, and a second prize to the idea chosen by a panel of BBVA Compass’ judges.
“For these business owners, $10,000 is a significant cash infusion,” said Lonnie Hayes, small business segment director for BBVA Compass. “It’s the kind of investment that could launch a new company or fund a local ad campaign to spread the word about a new store, product or service.”
Hayes said nearly 60 percent of small business owners actively use Facebook and consider a strong social media presence critical to long-term success.
The contest is just one of the ways the bank is reaching out to the micro-business segment, which represents 95 percent of all small businesses. In July, the bank introduced its Business Mobility Bundle, providing micro-business owners tools they need to manage their finances on the go.
BBVA Compass has 688 branches in Alabama, Texas, Arizona, California, Florida, Colorado and New Mexico. It is the second largest bank in Birmingham with $15.14 percent of the deposit market share and $4.6 billion in local deposits, according to the latest data from the Federal Deposit Insurance Corp.
Antrenise Cole, Reporter- Birmingham Business Journal
Antrenise Cole covers banking, finance, small business lending, venture capital, accounting and law for the Birmingham Business Journal.