SBDC reports $245M economic impact amid budget cuts in New Hampshire

The House Finance Division I of the New Hampshire Legislature convened on February 27, 2025, to discuss the funding and impact of the Small Business Development Center (SBDC) in the state. The meeting highlighted the critical role of the SBDC in supporting small businesses, particularly in light of increasing demand for its services.

Jason Cannon, the associate state director for the SBDC, provided an overview of the organization, which has been operational for over 45 years. Funded federally based on population, the SBDC receives nearly $800,000 annually, which requires a state match. Cannon emphasized that every dollar from the state directly supports business advisors who assist small businesses with various needs, including business planning, marketing, and cybersecurity.

The meeting revealed that the SBDC has seen a significant increase in demand for its services, with requests rising over 20% in the past five years. Cannon noted that the potential reduction in funding could lead to a loss of three full-time business advisors, which would decrease the center's advising capacity by approximately 30%. This comes at a time when many small businesses are seeking assistance.

Representatives expressed concern about the implications of funding cuts, with discussions highlighting the SBDC's importance in the local economy. Cannon shared that the SBDC generates a substantial return on investment, estimating an economic impact of over $245 million for the current year, based on metrics such as jobs created and capital infusion.

The meeting concluded with a call for continued support for the SBDC, as representatives recognized its vital role in fostering small business growth and resilience in New Hampshire. The discussions underscored the need for adequate funding to ensure that the SBDC can continue to provide essential services to the state's small business community.