SBA Announces Support for Eight ScaleUp Communities, Spurring Job Creation for Growth-Oriented Small Businesses
WASHINGTON, Sept. 30, 2014 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration announced today its support for entrepreneurial ecosystem development in eight communities through "ScaleUp America." This new initiative is designed to provide the necessary support to help companies scale up and grow, while strengthening and enhancing local entrepreneurial ecosystems around the specific needs of growth-oriented entrepreneurs and firms resulting in their ability to produce measurable economic impact and job growth in local communities.
"Today the SBA is announcing funding support for eight communities that will help scalable small firms grow and create jobs," said SBA Administrator Maria Contreras-Sweet. "Ninety-two percent of new jobs come from the expansion of existing businesses. We are bringing our successful entrepreneurship education programs to underserved communities, bridging the gaps for those in greatest need across the country. This intensive SBA support will create jobs and support a diverse cross-section of communities across our great nation."
The eight ScaleUp awardees were selected from more than 60 applicants to participate in the inaugural group of communities represent a wide range of diverse geographic areas and organizations. From urban to rural, the applicants focused on filling the gap in services for growth-oriented small businesses with average annual revenue of $150,000 to $500,000.
SBA's funding will be provided to each ScaleUp community's organizing entity to strengthen opportunities for small businesses within the community. The funds will be used to deliver a proven entrepreneurship education curriculum for growth-oriented entrepreneurs and small businesses; provide on-going one-on-one support, mentoring and technical assistance; assistance and connections to growth capital; and opportunities to build and strengthen connections and networks in their community.
The ScaleUp America communities include:
StartUp Tucson, Community of focus: Tucson, Ariz.
StartUp Tucson, a nonprofit organization, has developed entrepreneurship ecosystem through an IDEA to IMPACT strategy – a strategy that received recognition by Entrepreneur Magazine. And now, with the assistance of SBA, StartUp Tucson and several key partners will provide assistance to four cohorts of growth-oriented companies that have developed market traction, but face challenges that are distinct from the entrepreneurs at the startup-stage.
University of North Florida, Community of focus: Jacksonville Metropolitan Statistical Area (MSA), Fla.
The five-county region of Jacksonville MSA has been nationally recognized as a small business climate conducive to start-ups and second-stage companies, yet recently has experienced a loss in establishment, sales and job growth for the self-employed and Stage 1 companies. ScaleUp North Florida will specifically seek to assist these companies through an entrepreneurship education curriculum tailored for this community, management assistance and support based on an in-depth assessment of each business' needs, access to capital for identified graduates and opportunities to build and strengthen networks.
University of Missouri - Kansas City, Community of focus: Kansas City
Two cohorts of small businesses participating in the ScaleUp Kansas City, led by University of Missouri – Kansas City's Innovation Center, will commence their program with the FastTrac® Listening to Your Business™ and FastTrac® Growth Venture™ entrepreneurship curriculum. Supplementing the curriculum, businesses will develop their growth plans through one-on-one consulting and training, experienced business mentors, workshops on energy and environmental assistance, government contracting and international trade, and will all complete a financial assessment in order to discover ways of funding their particular growth strategies.
Women's Business Development Center, Community of focus: Aurora, Ill.
Through the ScaleUp Aurora program, the national Women's Business Development Center (WBDC), headquartered in Chicago, Ill., will fill a gap in Aurora as the city lacks an economic development center focused on accelerating the growth of small businesses and providing access to capital. The program will use the Plan for Profit 12-week program followed with individual counseling, mentors, networking events, connection to resources – both connections and streams of capital.
Your Management Team, Inc., Community of focus: Central Ohio
Your Management Team, Inc. will fill the gap in the entrepreneurial ecosystem of Central Ohio by targeting established small but growing main street businesses. Each business participating in the program will develop a strategic plan shaped by their experiences in the program completing the Kauffman Foundation's GrowthVenture™, leadership and management workshops, marketing and sales workshops and quarterly financial reviews by certified public accountants.
Supply Chain Visions LLC, Community of focus: Roanoke, Va.
With nearly 3000 growth-oriented small businesses with annual revenues in the $150,000 to $500,000 range, Roanoke, Va. will be an ideal community for the inaugural class of ScaleUp America. Supply Chain Visions LLC will provide the training curriculum of the Institute for Entrepreneurial Leadership/Workshop in Business Opportunity's (WIBO) sixteen module, intensive program, a peer-to-peer learning, workshops focused on access to capital, and business networking needed to further develop a cohesive business to business environment, particularly for underserved populations.
Supply Chain Visions LLC, Community of focus: Greater Portland, Maine
Members in the entrepreneurial ecosystem of Portland, Maine articulate a strong community and assistance for the start-up community, but identify gaps in the support network for later stage, growth-oriented companies. Supply Chain Visions LLC and their committee of the University of Southern Maine, Gorham Savings Bank, Maine Center for Entrepreneurial Development, Blackstone Accelerates Growth (BxG), The Regional Chamber of Commerce and SBA resources partners will help fill those gaps with their ScaleUp program.
Advantage West Economic Development Group, Community of focus: Western North Carolina
ScaleUp Western North Carolina will provide intensive business scale up assistance and leadership development to two cohorts of Western North Carolina small businesses with strong potential for growth and job creation each year. The program, led by the Advantage West Economic Development Group, will also fulfill gaps in the entrepreneurial ecosystem identified in their regional Comprehensive Economic Development Strategy (CEDS) plans, and will extend a proven training curriculum to rural, underserved and underrepresented small business communities. In addition to offering a robust program to the small businesses, Advantage West will improve the ecosystem by hosting a series of regional outreach meetings to engage community partners from across the 23-county Western North Carolina region.
Release Number: 14-56
Contact: Miguel Ayala (202) 205-6420
Internet Address: http://www.sba.gov/news
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SOURCE U.S. Small Business Administration
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