Small Business Development Center. Boone Ogle Stephenson Winnebago Counties

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1 Small Business Development Center 2014 A N N UA L R E P O R T T O T H E C O M M U N I T Y Boone Ogle Stephenson Winnebago Counties

2 About the Small Business Development Center at Rock Valley College Letter from the Director The Small Business Development Center (SBDC) helps existing and startup entrepreneurs and small businesses succeed through free business counseling and low-cost training. Its resources include one-onone advising, financing assistance and statistical analyses of thousands of industries, bilingual Hispanic services and more. This center is one of 900 service sites supported and networked by the U.S. Small Business Administration. The Illinois SBDC at Rock Valley College is funded in part through a cooperative agreement with the U.S. Small Business Administration, Illinois Department of Commerce and Economic Opportunity, and Rock Valley College We are pleased to report that 2014 was a very productive year. We served more clients, an 8 percent improvement; secured more loans, a 15 percent increase; and obtained a higher loan total than last year, 29 percent higher. Please see the table on the facing page. And, more of our clients achieved successful outcomes because the SBDC emphasized the importance of doing the homework. These entrepreneurs were very eager to complete their assignments on time and move on to the next level. Small business is important to our economy. Small businesses have created 66 percent of all net new jobs in the U.S. since the 1970s. These jobs improve and strengthen our community. Thank you for your interest in and support of the Small Business Development Center that serves Boone, Ogle, Stephenson and Winnebago counties. We appreciate your referrals of entrepreneurs and small business owners to us. Small Business Development Center Growing businesses. Creating jobs. Energizing our economy. KEY PERFORMANCE INDICATORS Clients Loans Loan Amounts $2,064,020 $2,661,000 Jobs Retained & Created Business Starts SBDC assistance helps clients: create a professional business plan that is accepted by financial institutions conduct proper market research connect with financial assistance sources that approve loan applications access free, individualized counseling and low-cost training benefit from other specialized business assistance. Brian McIntyre, Director Small Business Development Center at Rock Valley College PHOTO BY BRIAN THOMAS 1

3 Meet Some of SBDC s 2014 Successes ACHIEVED 100% ON-TIME DELIVERIES WITH SBDC HELP We had two huge needs, better on-time deliveries and a transition to a shop supervisor setting. The SBDC helped us achieve both and I am extremely pleased, said Superior Joining President Teresa Beach-Shelow. The SBDC and Brian McIntyre are great resources for us. They have manufacturing experience, so there is empathy and insight throughout our conversations, related Beach-Shelow. Daily standup meetings, an SBDC suggestion, led to 100 percent on-time deliveries. And, SBDC tools like employee profile worksheets, job description worksheets and coaching services assured a 2 successful transition to the new position of a shop supervisor. Superior Joining, a precision-welding provider for the aerospace and defense industries, has been in business for 23 years and has 22 employees. After adding a $1 million laser/welding machine in 2009, the company plans to add a new capability in superiorjt.com Superior Joining President Teresa Beach-Shelow is so pleased with the SBDC s assistance that she routinely recommends them to other small businesses. PHOTO BY MIKE GRAHAM LIGHTING COMPANY MANAGES GROWTH BETTER WITH SBDC The SBDC was exactly what I needed, said Thayer Lighting President Patti Thayer. They brainstormed with us and helped us prioritize our needs. SBDC Director Brian McIntyre did an in-depth analysis. He said we needed a human resource consultant, said Thayer. When you have a couple of employees, you manage, but with growth, seven employees and five independent contractors, we needed job descriptions, an employee handbook and more, Thayer recounted. The company went with the recommended HR consultant. Our next request of the SBDC is to help us develop a good sales program. I m really looking forward to that, said Thayer. Thayer Lighting was founded in 1987 as an energy-efficient lighting consultant and supplier for commercial clients. Patti Thayer took over in 2007 and focused the company into retrofitting with LED. It is regarded as a leader in LED technology. thayerlightinginc.com Thayer Lighting President Patti Thayer values the SBDC s services and recommends them to other companies. PHOTO BY BRIAN THOMAS 3

4 BANK SAID MEET WITH SBDC FIRST When I approached my bank to apply for a small business start-up loan, they suggested we first meet with the SBDC office. They said that Brian McIntyre would help us format our business plan and financial projections in a way that the bank would be able to work with more easily, so we did and the bank approved our loan, said Dr. Stephen Nitz. Dr. Nitz opened Integrative Medical Associates in July In his practice he searches for the root causes of chronic disease and uses lifestyle changes and nutrition to reverse or prevent illness. He s in good company as his approach reflects a national trend. Cleveland Clinic also opened a Center for Functional Medicine in Dr. Stephen Nitz s new integrative medical practice is located at Edgebrook Center. 4 Having Brian ask us questions and tweak our business plan was so helpful. He has access to phenomenal software programs for new businesses, and it was all free to us, added Dr. Nitz. imarockford.com SBDC RESOURCES HELP DISTRIBUTORSHIP GROW The owner of Northern Tool Sales was ready to retire after 38 years. He sold the business, an industrial distributor of stampings and such, to the Saavedra family of Roscoe. Carlos Saavedra said, We have more than 10,000 part numbers, from 50 cent O rings to $7,000 hoist beams. Our goal is to grow our business both domestically and internationally. He and his brother Jorge immigrated to the U.S.A. from Colombia in 1997 as young children. We have a lot of family connections in South America, but we need business connections, said Carlos. SBDC and its director Brian McIntyre have definitely given us a lot of guidance and resources. We now have access to resources that we did not have before. Knowing what steps to take first is a challenge, and Brian has been a huge help to us, added Jorge. northerntoolsales.com Brothers Jorge (left) and Carlos Saavedra (right) seek to grow Northern Tool Sales both domestically and internationally. 5

5 SBDC HELPED BUILD KEY RELATIONSHIPS WITH BUSINESS PARTNERS Pursuing her dream, Adedoyin Morgan started a women s clothing boutique out of her home, featuring one-of-a kind clothing. With steady business growth, she quit her day job and opened her bricks-and-mortar store, Ashiko Couture, in Another businessperson suggested she contact the SBDC office for assistance. Adedoyin met with the SBDC staff. They gave me pointers to improve my business plan. And, SBDC director Brian McIntyre helped me put my marketing plan on paper, so they were very helpful, she said. They also connected me with lending companies, referred me to the Chamber of Commerce and helped me build key relationships with business people in Rockford. These are things I was not doing, so the SBDC has been very good for my business, she added. The Rockford native plans to continue to pursue loan opportunities, add shoes to her store, as well as beauty bar services in ashikocouture.bigcartel.com Adedoyin Morgan offers unique women s clothing at Ashiko Couture, 3839 East State Street, Rockford. COST-EFFECTIVE WEB ADVERTISING AIDED BY SBDC S VALUABLE MARKET DATA Online advertising can be confusing for advertisers, but there s a new tool to help local businesses, created by two brothersin-law. Launched in 2014, it s called AdsOrTails, an online game show where participants can win coupons to retail businesses like Mary s Market, Lucha Cantina and Pearl Bistro. This type of consumer interaction is unique and valuable. Since contestants register online, advertisers have proof that potential customers saw their message. They also give valuable feedback to the web advertisers, so it s win-win, explained Paul Fowler and Brad Marshall, the creators and owners of the online business. The SBDC gave us access to businesses in our target zip codes. That type of market data is invaluable, and we could not have found that information on our own. Contacting the SBDC is a must do in our opinion, said Paul and Brad. 6 AdsOrTails.com Brad Marshall (left) and Paul Fowler (right) launched a unique and valuable online advertising tool called AdsOrTails. 7

6 SBDC Tools & Services SBDC UNDERSTOOD MY VISION I thought Rockford needed a high-end salon like you would find in Chicago or New York City, said Kate Wirth. When you walk into her Lucette Salon & Spa, it s obvious she s created one. With more than ten years working for other salons, Kate was ready to take the next step and have her own place. She took a small-business class. SBDC Director Brian McIntyre understood what I was trying to create, a total salon experience for my guests, not just a hair salon, she related. The SBDC connected her to the Rockford Bank and Trust and the Rockford Local Development Corporation. She bought a building that had housed a former salon. She opened the salon spa in 2014 and has ten employees. Kate plans to expand her services and create more jobs. I am incredibly lucky that the SBDC help was available, and that the services were free! I would definitely recommend them! stated Wirth. Kate Wirth, Lucette Salon & Spa, 508 East State Street, Rockford, IL FOR EXISTING BUSINESSES Growth Wheel Decision-making software program taught by certified instructors at the SBDC. BizMiner Tracks 9000 lines of business and provides granular statistical reports, benchmarks, market trends and analyses. ReferenceUSAGov Internet-based reference service database on more than 14 million U.S. businesses, 89 million U.S. residents and more. ESRI Geographical information system (GIS) software to help businesses market and grow. Additional specialized and proprietary tools and services. FOR NEW BUSINESSES Liveplan A licensed and proprietary plan to help businesses write business plans. Acclaim IP Patent research software to search and analyze patent data. elearningcenter Online learning for entrepreneurs in all skill sets. Numerous workshops and training opportunities, online and in-person. PARTNERS OF THE SMALL BUSINESS DEVELOPMENT CENTER EIGERlab Northern Illinois one-stop incubator resource for new and existing entrepreneurs. Lease space, participate in peer groups, access rapid prototyping services and other services. Accion The only nationwide micro- and smallbusiness lending network in the country. Accion champions small business owners. SBDC is a partner with Accion and is authorized to close loans at the local office. Illinois International Trade Center (ITC) Helps businesses access international trade information, evaluate export potential and readiness, pursue trade opportunities and reach international business objectives. The City of Rockford provides funds for the SBDC to hold four to six selfemployment training classes annually. Entrepreneurs learn about the ins and outs of starting a business with others who have the same goal. 8 9

7 Thank You For Your Interest and Support The Illinois Small Business Development Center at Rock Valley College takes pride in helping to improve the economic vitality of our community. By counseling and advising small business owners, we help retain and create jobs. If you know of an entrepreneur who could benefit from our free, one-on-one counseling and low-cost training, please ask them to contact us. Brian McIntyre, SBDC Director Cari Fuller, SBDC Administrative Assistant Illinois Small Business Development Center at Rock Valley College 605 Fulton Ave, Rockford IL RockValleyCollege.edu/Business/SBDC