Economic Vitality Committee Agenda and Packet 2021 10 22

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Cot a §19t)c BOULDER Smoll Business Development Center PROPOSAL Boulder Small Business Development Center (SBDC) Louisville and Lafayette Satellite Support September 8, 2021 Thank you to the Cities of Louisville and Lafayette for requesting this proposal to establish part-time satellite support from the SBDC to support small businesses in your communities. Background Boulder Small Business Development Center (SBDC) has been assisting businesses throughout Boulder County since the end of 1994 from its main office in Boulder — both in -person and especially during the pandemic, virtually. The Center provides one-on-one, confidential business consulting (at no cost to the businesses), workshops and events, and connection to resources, including financing. The SBDC is proud of the assistance provided (outputs) and the economic impact it has helped to nurture (outcomes). In 2020, the Center provided 3,127 consulting hours to 925 businesses and produced 58 workshops and programs with over 1,800 attendees. For comparison, in 2019, the Center provided 2,419 consulting hours to 647 clients and produced 58 workshops for over 1,250 attendees. The value of the SBDC is partially measured by the economic impact reported by businesses they have assisted. * In 2020, small businesses that we had assisted reported capital formulation (loans, grants, equity) of over $23 million, sales increases of over $11 million, over 450 jobs created or retained and 26 business starts. For comparison, in 2019, our clients reported capital formulation (loans, grants, equity) of over $37 million, sales increases of over $18 million, 672 jobs created or retained and 27 business starts. The value of the SBDC is partially measured by the satisfaction reported by businesses we have assisted. * * For consulting and workshops (respectively), our small business clients gave Boulder SBDC online evaluation ratings of 97.6% and 92.6% in 2020, of 96.4% and 93.4% in 2019. Since 2007, through the support of the City of Longmont, the Longmont Chamber and other funders, the SBDC's Longmont satellite office was launched and continues to be hosted at the Longmont Chamber. Satellite Support Program Megan Pierce, Economic Vitality Director for the City of Louisville and Brigid Keating, Economic Development Manager for the City of Lafayette have asked Boulder SBDC for this proposal to establish and pilot two satellite support programs in both communities, with shared training programs. The target budgets are $50,000 for each satellite support center. Proposed satellite support services defined in this proposal include (1) one-on-one confidential consulting provided by business specialists, (2) outreach & marketing to build awareness of the resources available through SBDC and other partners, and to increase trial and usage, (3) workshops and programs and (4) Director/Program Lead engagement time. How will this Satellite Support Program Differ from Past SBDC Services In the past, the SBDC has provided consulting assistance and has produced workshops from our main office in Boulder. Existing businesses and startups in Louisville and Lafayette would have (1) traveled to Boulder for that assistance, (2) [starting during COVID] would have accessed those services and Agenda Packet P. 20