Report: SBDC Clients Inject $22 Million into Wyoming’s Economy
This past year, Wyoming Small Business Development Center (SBDC) clients injected more than $22.6 million in financial capital into Wyoming’s economy, according to the center’s 2013 annual report.
Jill Kline, the SBDC state director at the University of Wyoming, says the capital was through Small Business Administration (SBA) loans, conventional loans, personal investment and alternative financing that resulted after consultation with SBDC counselors. Since 1995, clients have introduced more than $206 million into Wyoming’s economy, she says.
The report shows that the SBDC, in 2013, assisted 1,321 clients with issues ranging from establishing accounting systems to government contracting to business valuation and transition. The clients reported creating or retaining 999 jobs. Since 1995, SBDC clients have reported the creation or retention of more than 9,100 jobs, and more than 38,500 clients have been served.
The SBDC, a partnership of the SBA, the Wyoming Business Council and UW, strengthens Wyoming businesses and entrepreneurs by providing management assistance and educational programs and resources to help businesses succeed and create economic growth.
SBDC regional directors provide low-cost educational forums and one-on-one counseling at no cost to participating businesses. Professional assistance is offered in areas such as planning, management, marketing, finance and other business activities.
Two other entities are managed by the Wyoming SBDC: the Wyoming Market Research Center (MRC) and the Wyoming Procurement and Technical Assistance Center (PTAC).
The MRC provides state-of-the-art market analysis to small businesses as they consider locations, expansions, identifying empty niches for business development and other potential ventures. The report shows the MRC assisted 471 clients and researched 861 projects.
The PTAC assists small businesses that compete for government contracts to provide goods and services. In 2013, more than $9.8 million was awarded through 104 contracts, and 197 jobs were created or retained in Wyoming through PTAC.
In addition to funding from the Wyoming Business Council and UW, PTAC receives funding from the U.S. Department of Defense’s Defense Logistics Agency.
For more information about SBDC services and to locate the nearest regional offices, visit the website at www.wyen.biz.