FORT WAYNE, Ind. (WOWO): A competition for new business owners will be getting an extra boost over the next three years.

ProFed Federal Credit Union has committed to donate a total of $15,000 over the next three years in support of Ivy Tech Community College Northeast's New Venture Competition. The event started in 2011 as a way to give start-up capital to an Ivy Tech or Northeast student or alumnus. Each year $20,000 is awarded as part of the competition.

ProFed’s President and CEO Greg Troutner said, “Small businesses are a primary source of new jobs in our region, and we find it particularly rewarding to be present at the birth these new enterprises.”

Ivy Tech serves nearly 200,000 students annually and has campuses throughout Indiana. For more information about Ivy Tech Northeast’s New Venture Competition, visit IvyTech.edu/northeast/newventure.