The Hormel Family Foundation was founded in 1999 by the late Ben F. Hormel, a McCook entrepreneur, to support McCook Community College. Among his many business ventures, Hormel operated the Chevrolet dealership in McCook. When he passed away in 2002, he passed on the torch to his children and grandchildren, who operate the foundation today.

Their foundation is committed to education, entrepreneurship and business development in the McCook and southwestern Nebraska economic region. They believe that education and entrepreneurship are the strongest weapons against the population loss.

Through a partnership with McCook Community College and southwest Nebraska area business sponsors, the Hormel Entrepreneurship Competition will be a program to help local businesses in the startup or expansion phase with business plan writing and a business grant to help jumpstart the business. The program will also contain a component to help traditional students learn alongside local entrepreneurs who are putting their business together.

The contest will host startup or expanding businesses from 7 southwest counties in Nebraska that will consist of (Chase, Dundy, Frontier, Furnas, Hayes, Hitchcock, and Red Willow.) The goal of the program is to help support economic gardening in southwest Nebraska.

The following rules and guidelines for Hormel Entrepreneurship Competition at McCook Community College hereafter referred to as the Competition, have been designed to ensure fairness to all participating individuals and teams. The organizers and judges of the Competition will strictly enforce the competition rules. Interpretation of the competition rules that may arise during the Competition will be reviewed and decided by the organizers. Their decision will be final.

1. Previous cash prize winners of the competition will not be allowed to participate in the Competition. 
2. Eligible participants must be a startup or existing business that has been in business for no more than 5 years and reside in participating counties in the Southwestern Nebraska region (consisting of Chase, Dundy, Frontier, Furnas, Hayes, Hitchcock, and Red Willow counties).
3. Business plans may be submitted by individuals or by teams, but all applicants must be 18 years of age or older. 
4. There is no limit on the number of people on a team, but only one person will register for the class if selected as a semifinalist.  
5. Willing participants for the Competition must submit their application by or before the deadline provided above. No other applications will be accepted after the deadline. No Exceptions.
6. Any area of commercial endeavor is valid. 
7. All finalist submissions must be the original work of those making the submission. Any plagiarized business plans will be disqualified. 
   
8. All participants must agree that, should they be chosen as a finalist, they will take the mandatory online Entrepreneurship Business Plan writing course offered through Mid-Plains Community College. If the finalist fails or withdraws from the Entrepreneurship Business Plan Writing course, the finalist must reimburse MPCC for tuition and fees. 
   
9. All participants must agree that, should they be chosen as a finalist or winner, they will use prize winnings to establish or continue operations that employ people in Southwestern Nebraska and invest prize winnings to start up a company or back into their company. 
10. Partially completed applications will not be accepted. Applications are due by 5 p.m. Central time (U.S.) on November 30, 2020, along with the signed agreement form and must be received, postmarked by, or hand-delivered on that date. 
11. Applicants risk disqualification if they attempt to approach a judge or have someone do that on their behalf, in connection with the competition. 
    
12. Finalists presenting to the judges on (April 23, 2021) are allowed to bring posters, handouts, laptops for PowerPoint presentations, product samples, and more to assist them in the business presentation. Additional electronics will be on hand for their presentations.
13. The decisions of the judges are final, including interpretation of the rules.