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SBDC representative tells Botetourt EDA the program returns $5 for every $1 invested and highlights two local success stories
Summary
Heather Fay of the Small Business Development Center told the Botetourt County EDA that the SBDC produces a 5-to-1 return on investment, that client businesses grow jobs about 11.5 times faster, and cited recent Botetourt success stories recognized by the General Assembly.
Heather Fay, representing the Small Business Development Center, presented to the Botetourt County Economic Development Authority on May 15 about the SBDC’s services, funding and measurable impacts.
Fay explained the SBDC is an SBA resource partner. She said the program receives a local per-capita funding match from partners such as the EDA, receives Commonwealth of Virginia support through a state fiscal host (George Mason University), and is locally fiscally hosted by the City of Roanoke; Fay identified herself as a City of Roanoke employee and the local SBDC fiscal host.
Fay told the Authority that ‘‘for every dollar invested in the SBDC, there is a five dollar return on that investment,’’ citing economic impact, sales growth and technical assistance that helps businesses complete forms and access resources. She also said jobs growth is ‘‘11.5 times faster compared to Virginia businesses that are not working with an SBDC.’’ Fay noted that each of the 25 SBDC host centers may nominate one business annually as a success story; she said Botetourt businesses were chosen the last two years: Candace Monaghan of Beaver Dam Sunflowers (Sunflower Festival) and Sarah Melendy of Mountain Thyme Honey & Gifts, LLC.
Fay emphasized that most SBDC advisors are current or former business owners and that the SBDC’s pillars are advising, research and education. The presentation closed with Fay highlighting the SBDC’s free advising and program support that is available to local businesses.
The Authority took no formal vote on the presentation itself; the item provided context for the EDA’s continued per-capita support for the SBDC.
