The Bloomington Port Authority approved budget adjustments totaling $390,000 during its March 18 meeting, with the majority of funds supporting a local entrepreneurship competition.

The authority unanimously approved returning $300,000 previously allocated for a small business center to the port's development fund. The city council had approved returning these funds to the port on February 25 after shifting focus to more community-based initiatives.

Commissioners also approved $90,000 for the Hatch Bloomington pitch competition, an annual program that attracts entrepreneurs to establish brick-and-mortar businesses in the city. The program, modeled after Detroit's successful Hatch competition, offers $100,000 to winning entrepreneurs who commit to opening physical storefronts in Bloomington.

Sean Lundy, the city's special projects and initiatives manager, told commissioners the program generated significant media attention in its first year, with an estimated $650,000 in earned media value from 92 published articles and 54 million reader impressions. The 2024 winner, Scrambling Egg breakfast restaurant, is preparing for an April grand opening.

The program will launch applications March 31, with Mayor Tim Busse announcing the competition at Friday's State of the City address. Commissioners discussed the rigorous vetting process that includes business plan reviews, community voting, and partnerships with local banks and legal services to support contestants.