The National Federation of Independent Business Young Entrepreneur Foundation and Visa USA announced the five semifinalists in the fifth annual NFIB Young Entrepreneur Awards scholarship program this week. 

The semifinalists in the program, which seeks to encourage students to pursue a career in small business, were chosen based an essay, standardized test scores, GPA, and class rank, organizers said. NFIB members from all over the U.S. nominated students for the scholarships. 

The winner, who will be presented with a $10,000 scholarship, will be announced at a gala dinner in Washington on June 5. The remaining four semifinalists will each receive $5,000. 

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