Business Development Strategies for Small Business and Entrepreneurship Growth
Discover key information sharing, resource collaboration, and support strategies for entrepreneurs and small business owners. Learn about federal and state resources, local partnerships, access to capital, and stages of business development from startup to growth.
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Presentation Transcript
Small Business and Entrepreneurship Development Angel Rosario Community First Fund Senior Community Lender
Presentation Overview Information and Knowledge Sharing Federal and State Resources at the local level Local resources, public and private Collaboration and Partnerships How resource providers connect Access to capital How funders connect Entrepreneur Case Study
Strategies for Business Development Information sharing and collaboration are key to building a strong economic environment Resource partners work together to make economic development work Organizational core competencies complement partner agency resources Partnerships are formal and informal
Information and Knowledge Sharing Start-up and early stage counseling Federal Resources State Resources Local Resources Private Resources Growth and expansion stage counseling Federal Resources State Resources Local Resources Private Resources
Early Stage Business Support Establishing Legal and Tax Structure Initial Business Plan Products and Services Market Analysis/Competition Marketing and Advertising Staffing / Human Resources Financial Projections/Cash Needs Access to capital: venture capital and/or debt Access to markets: building the client base Training: classroom, online, conferences, seminars
Growth Stage Business Support Updates to Legal and Tax Structure Strategic Growth Plan Evaluate introduction of new product and services Updated Market Analysis Marketing Plan for new products Updated Operational Plans Financial Projections/Cash Needs Access to capital: equity or loans Access to markets: increasing the client base Training: classroom, online, conferences, seminars
Federal Resources US Small Business Administration District Offices in Philadelphia, Pittsburgh, Harrisburg and Wilkes-Barre Local Resources Partners Small Business Development Centers SCORE Chapters Women s Business Centers Veteran s Support Centers International Trade Import/Export Procurement and Technical Assistance Centers
Local SBA Resources Small Business Development Centers 18 centers located at Universities 90 outreach locations SCORE Chapters 13 chapters in PA, typically cover 1-2 counties SBA Women s Business Centers 3 centers covering Eastern, Central and Western PA Procurement and Training Assistance Centers 8 regional centers Veteran s Support via District Offices International Import/Export support via District Offices
Pennsylvania Resources Governor s Action Team Ben Franklin Technology Partners 4 regional and 10 satellite offices Partnerships for Regional and Economic Performance (PREP) 10 regional partnerships Keystone Opportunity Zones 12 Zones across the state Financing Resources Small Business Loans; Loans for Manufacturing Companies; Loan Guarantees Venture Capital PA Angel Network; Venture Capital Funds Pennsylvania Department of Community and Economic Development
Starting and Growing A Business Online Entrepreneur's Guide Easily accessible online guide for entrepreneurs Helpful tracts for both startup and expanding businesses Covers small business preparation, legal establishment, management and growth, and important resources Updatedannually Download link: https://dced.pa.gov/download/entrepreneurs- guide/
Small Business Development Resources Regional Economic Development Corporations Community Development Financial Institutions 33 CDFIs in PA Chambers of Commerce Regional county, city, town Affinity Latino, African American Municipal Economic Development Departments Local Business Associations Industry-based Associations College/University Entrepreneurial Centers Local business centers
How Resource Providers Connect Regional economic development plans Local economic development plans Regional and Local Conferences Joint training at workshops and seminars Board and committee roles Networking meetings Referral to direct training classes Referral to counseling/business assistance Ad Hoc Committees
Connecting to Financial Resources Networking meetings Social Media Regional and Local Conferences Board and committee roles Referral to local, regional and national banks Referral to venture capital Referral to regional or local CDFI Referral to private finance Referral to counseling/business assistance
Business Client Example Gabriel Montalvo & Emily Pryzbylkowski El Toro Barbacoa Coordinated Resources Community First Fund (CDFI) provided financing and business assistance. Utilized SBA 504 loan and FHLB Pittsburgh "Bank on Business" loan program to acquire real estate and open business. SCORE provided technical support and educational information.
New Entrepreneur Scenario Start-up Restaurant Strengths: Good location Good product Experience in the food industry Solid credit history Challenges: No Business plan No management experience Limited capital Limited collateral What tools/resources would you use to help this client?
Community First Fund Angel Rosario Community Lender 717-393-2351, x105 arosario@communityfirstfund.org Jim Buerger, Chief Lending Officer 484-577-4824 jbuerger@communityfirstfund.org Follow us on social media
