UEDA Summit 2012: Awards of Excellence - Small Enterprise Economic Development (NYS Small Business Development Center)
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UEDA Summit 2012: Awards of Excellence - Small Enterprise Economic Development (NYS Small Business Development Center)
- 2. What is it????? Public Private Partnership Micro Loan Fund Character Based
- 3. Market Place Need Entitlement • Funding only available for those with Cash, Collateral and Credit Paradox • Feasible Business Idea Denied • Lack of Resources Entrepreneurs • Lack of Capacity Young • Unproven Track Record • Over Leveraged to Establish Business Businesses
- 4. Key SEED Program Elements Application Assessment Capacity and Screening of Character Building Business Plan Partner Funding Development Involvement Process
- 5. Application and Screening Program Application Entrepreneurial Assessment Character References Credit Report Standardized Interview Applicant Summary
- 6. Assessment of Character Classes Homework Engagement Program Attendance Timeliness Coordinator Engagement Interns Completeness Business Participation Advisors
- 7. Capacity Building Peer Training Support Interns Advisors
- 8. Partner Involvement Application Capacity and Funding Infrastructure Building Screening
- 9. Pilot Results Applications Received • 200 Applicants Applicants Accepted • 40 Accepted Participants Trained Participants • 37Completed Training Loan Applications • 29, 1 pending Loan Presentations Loans Awarded • 25Loans Awarded ($865K) Jobs Created/Saved • 96Created/Saved In Session • 7 Participants
- 10. Program Benefits Client Impacts Community Impacts Economic Impacts
Editor's Notes
- Public Private PartnershipSBDCUAlbany School of BusinessUAlbany School of Social WelfareSEFCUEmpire State DevelopmentMicro Loan Fund$2.5 million administered by SEFCUIndividual Loan Cap - $35,000Repayment Terms – 7 years at 7%Character BasedPrimary Element in determining Eligibility outside of business feasibility
- Entitlement ParadoxIf you have cash, collateral and credit you can access traditional lendingWithout it there are few if any options Denied EntrepreneursFeasible Business Ideas, experiences and education to be successfulLimited financial resources to invest in the businessLimited to no experience operating a businessYoung BusinessesLimited if any track record of successNewer businesses with a good model but started on a shoestringUnderestimated start-up costsUtilized all of personal resources to get started
- Application and ScreeningAssessment of CharacterCapacity BuildingBusiness Plan DevelopmentPartner InvolvementFunding Process
- Program ApplicationSBA 641/Special Disclosure for SBASEFCU Loan ApplicationSEFCU Personal Financial StatementUAlbany Research DataIRB – Research Disclosure and Opt OutEntrepreneurial AssessmentScored QuestionnaireCharacter References2 Personal 1 Professional Credit ReportIdentify Reasons for Poor CreditCharacter Credit Practices Standardized InterviewClear up any Questions on Application and Credit ReportBehavioral Trait Based Questions to identify:Commitment of ApplicantProblem Solving SkillsAssertivenessManagement SkillsConfidenceTime ManagementAmbitionResponsibilityApplicant Selection CommitteeApplicant SummaryCommittee – SBDC Center Director, 2 Business Advisors, SEED Program Coordinator
- Ongoing ProcessObservation basedOngoing Assessment – Participant can be removed from the program for demonstrating poor character during the program (2)ClassesAttendance, Engagement and Participation in ClassesHomeworkCompletion of HomeworkTimeliness of HomeworkEngagementEngagement with Program CoordinatorEngagement with InternsEngagement with Business Advisors
- TrainingEight classes, 2 hours each, Sunday afternoonsEach class covers a particular content area and section of the Business PlanContent AreasGeneral Start-Up InformationBrandingTime ManagementCustomer ServiceLegal FundamentalsAccounting BasicsInternet MarketingLessons Learned/Red FlagsInternsMeet with participants weekly to assist with the development of the business planAdvisorsMeet with the clients three timesInitial MeetingFollow-Up MeetingBusiness Plan Finalization and Cash Flow Projection PreparationPeer Support15 minute sessions following training classes to build engagementMonthly meetings following funding
- Application and ScreeningApplicant Recruitment - SBDC, SEFCU, SOB and SOSW Application Processing and Screening – SBDCApplicant Selection - SBDCCapacity BuildingTraining Classes – SBDC and Business CommunityBusiness Plan Development – SBDC, SOB and SOSWIntern Recruitment – SOB and SOSWIntern Supervision – SBDC, SOB and SOSWFundingParticipant Presentation – SBDC and SEFCUBackground Check – SEFCUFinal Decision – SEFCULoan Processing and Administration - SEFCUInfrastructureInfrastructure Funding – Currently ESDProgram Development – SBDC Infrastructure Development – SBDC, SOB and SOSWGrant Identification and Application – SBDC, SOB and SOSW
- Economic ImpactsJobs Created/SavedLoan Funds AwardedSales Tax RevenueIncome Tax RevenueCommunity ImpactsNew Business DevelopmentEmployment DevelopmentClient ImpactsOpportunitySelf-EsteemOngoing Support and Resources