ABOUT THE INCENTIVE PROGRAM

The goal of the BSP award process is to provide incentives that will motivate awardees to strive for success in their businesses or craft-shops. The initial award is viewed as seed money that would assist the awardee to start, develop, and potentially grow the business or craft-shop. The resourcefulness and commitment of the awardee to the business or craft-shop are demonstrated by how the initial award money has been utilized. Consequently, an incentive program has been devised to provide initial awardees a forum to demonstrate how efficiently and effectively they have deployed and applied their award money.

To implement this incentive program, all awardees will be invited to present the state and current status of their business or craft-shop after one year of initial award date. Suggested items that an awardee can submit/present for evaluation include:

1. Statement of Status (SOS) of the business or the craft-shop
2. Business plan that demonstrates the potential of the business or craft-shop to grow in future years
3. Evidence of contributions that the business or craft-shop has made to the Egbengwu community
4. Bank statements that show that the business or craft-shop is profitable and has sufficient positive cash flow
5. Pictures and/or videos demonstrating the current status of the business or the craft-shop

After evaluation of the documents/items submitted, twenty percent (20%) of the initial awardees will be selected for a second award in the second year following the year of the initial award.

In the third year, the second-year awardees will be invited back to submit similar items listed earlier for another evaluation. From this group, thirty percent (30%) of the second-year awardees will be given a third award.

In summary, the incentive program can be illustrated as follows: