Kitsap Bank will open the application period for its annual small business competition on July 2, the bank said in a news release Wednesday.

The competition, known as edg3 FUND, recognizes entrepreneurs invested in growing the Kitsap community economically, socially, and environmentally, according to the release.

Applicants, who can submit their pitches online from Monday through the end of July, are asked to make a two-minute video describing their business and how their operation can grow and improve.

The eventual winner will receive a $20,000 grand prize so they can “take their business to the next level,” the bank said. A separate $5,000 cash grant, the Community edg3 award, will be given to a business that encompasses community spirit.

Beyond the impact of the prize and alignment with the mission to grow the community from an environmental, social, and economic perspective, judges will examine edg3 FUND entries on the company’s uniqueness — either in its operations or how it intends to solve problems — and its vision for the future.

The group of entrants will be narrowed to up to 15 semifinalists in late August; public voting in September will then help select the five finalists. Those five will present at a live event coinciding with Global Entrepreneurship Week in November, where a panel of judges will select the winner. The Community edg3 award will also be presented then.

Thumbnail image courtesy of Kitsap Bank.