The contest, which builds on the successful campaign launched in 2013, extends BBVA Compass' efforts to fuel small business growth throughout its footprint. Small business owners and entrepreneurs interested in participating can submit their business ideas using the #GIFSBcontest hashtag on Twitter and Instagram or by uploading their photos and ideas to the contest website for a chance to compete for a $15,000 grand prize and $5,000 runner up prize.

"Small businesses are a vital part of our communities," said Lonnie Hayes, small business banking executive director at BBVA Compass. "As an organization, we are committed to supporting the growth strategies of small business owners as they strive to move their companies forward."

The competition will be held in two phases, with phase one of the contest submission period beginning today and extending through May 15. Winners will be determined based on a combination of social media community votes received during phase two, which runs May 16 through May 31, and scores given by a panel of judges from BBVA Compass.

The bank's first Great Ideas for Small Business contest took place in 2013, on Facebook, and awarded $10,000 each to Birmingham, Ala.-based The Green Bottle Candle Co. and Truth or Consequences, N.M.-based The Centipede(TM) Sawhorse.

Ed Adkins, inventor of The Centipede Sawhorse, said the contest helped his company connect with and grow its social media followers. Adkins said the prize was awarded at a critical point in the startup of his company, and allowed him to subsidize shipping costs for distributing the first production run to its crowdfunding supporters.

"We're hoping to surpass the last contest's success by engaging more business owners in the social media conversation, and we look forward to helping two small business owners take their companies to the next level," Hayes said.

More information about the BBVA Compass' Great Ideas for Small Business contest is available here.

NO PURCHASE NECESSARY TO ENTER OR WIN. Open to legal residents of Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas, who are 18 and older (19 in Alabama) who own a business with a yearly gross revenue of $5 million or less. Void where prohibited. Promotion begins on 05/01/2015. Entry deadline 05/15/2015. Contest ends05/31/2015. Visit http://bit.ly/1MBmYbA for Official Rules and contest details. Sponsor: BBVA Compass, 15 South 20(th) Street, Birmingham, AL 35233.