BINGHAMTON, N.Y. -- The City of Binghamton means business as it announces the details of an annual competition.

This is the fourth year the city is offering up a $5,000 grant to the winner of its Business Plan Competition.

Applicants must be aspiring entrepreneurs who plan to start a business or owners whose company is no more than five years old. The winning business must also operate within the city limits.

The idea came about as a way to attract new businesses to Binghamton and last year's winner says she's experienced tremendous growth in less than a year.

"It's allowed me to grow my business from my home to a retail space. I've hired one part time agent and I've recently hired an additional full time licensed agent. We're currently looking to hire some more agents. We're definitely growing at a steady pace," said Heather Staley.

The deadline for registering is March 15th. For more information on how you can register, visit www.cityofbinghamton.com, email kanukd@sunybroome.edu or call (607) 778-5071.