Economic Vitality Committee Agenda and Packet 2021 10 22

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programs online, or (3) would not reached out for help. The number of businesses and entrepreneurs assisted, and even more importantly, the number of hours and depth of assistance provided in the past has been constrained by our budget. This Support program will allow the SBDC to increase its capacity, which translates to more outreach, more consulting hours provided to businesses and startups in Louisville and Lafayette, more targeted workshops and programs and (the real goal), more economic progress for the businesses. The SBDC programs and services defined in this proposal are designed to enhance and supplement the cities' current economic development activities, and not to duplicate what is already being offered. One-on-one Business Consulting For each City, the SBDC is proposing 300 hours of consulting for the first satellite year. At an average of 2S hours/month, that would include Initial (Discovery) Meetings to assess the business' needs and preferences and match up relevant expertise, as well as follow-on sessions to deliver targeted assistance that helps the businesses to move forward. Consulting topics may consist of, but are not limited to, start-up issues; development of a business plan (or other planning format) for start-up, growth, and financing; development of marketing strategies and action plans; development and understanding of financial projections and access to capital; and development of business management skills and processes. For businesses in the advanced industries, on a limited basis, assistance may include strategic research & analysis, technology commercialization, support for innovation grants and contract opportunities as well as access to other capital. For Latinx entrepreneurs and businesses, bilingual assistance may include business planning (especially in support of the Boulder County PIE grant), access to capital and all of the other topics listed earlier. Connection to Business Resources The SBDC has built a network of professional service providers, entrepreneurs, and other business assistance and government contacts that further assist our small businesses, especially when the scope of the request is outside the SBDC mission or resource constraints. Our network of commercial banks and other financing sources such as micro lending institutions (Colorado Enterprise Fund, Colorado Lending Source and others) leads to warm introductions for financial accessibility. SBDC specialists, in collaboration with lender representatives meet with our small business clients to explain the financing landscape, and if appropriate, provide an introduction for further conversation. Outreach & Marketing Presence in the Louisville and Lafayette Business Communities In the past Louisville and Layette small businesses have come to our Boulder location for consulting and workshops, (during COVID) have connected online or have been unaware of the SBDC. Especially since the SBDC satellite offices will be new resources in the communities, extra efforts will be made to build the SBDC presence. Our Lead Consultant and SBDC Representative (Dan King) will attend various meetings and activities to immerse himself and our team in the business community and to build relationships with business owners and leaders. The Boulder SBDC Executive Director will participate as well, whenever available. Outreach & Marketing Initiatives Boulder SBDC will incorporate these new satellite offices into our marketing & outreach communication plans, platforms and materials (including our website, broadcast newsletters, social media channels, public relations efforts and, on a limited basis, in emails to target business, organizations and community leaders). The goals will be to build awareness and usage (or trial) of SBDC programs and Agenda Packet P. 21