(Rochester, MN) The Southeast Minnesota Small Business Development Center (SBDC), located at Rochester Community and Technical College (RCTC), received a generous $1,000 donation from the Minnesota Business Finance Corporation (MBFC) which will assist in supporting the financial match required to continue providing small business consulting services to individuals who are interested in starting their own business. The MBFC is a private, not-for-profit 501 (c)(3) organization which is licensed by the U.S. Small Business Administration as a certified development company and assists small businesses which need lending and financial support.
RCTC is the host institution for this region’s SBDC, where for nearly 25 years business development experts have worked with current and future small business owners to successfully grow the local economy. “The SBDC is funded through a grant issued by the Small Business Administration which requires a 50 percent cash match, so fundraising and generous gifts from partners help to make up that required cash match,” states Jennifer Wilson, Ph.D, RCTC’s Director for the Southeast Minnesota Small Business Development Center. “Unfortunately, because these services are mainly supported through a grant, we are unable to charge for our services, so the sustainability of the program relies on donations such as these.”
The Small Business Development Center (SBDC) offers at no cost, confidential consulting to help businesses in southeastern Minnesota identify, understand and overcome the challenges of starting a business, how to run a successful business, and how to develop exit strategies. The consultants provide the professional expertise and guidance every small business owner needs to flourish in today’s competitive and ever-changing business world. The SBDC assists business owners and financial institutions in the preparation of documentation that lenders require for business loans. “Partnerships such as MBFC are frequently relied upon on when working with our local entrepreneurial community to secure loans for start-ups and expansions,” Wilson adds.
The Southeast Minnesota SBDC is operated by Rochester Community and Technical College with support from the Small Business Administration, the Department of Employment and Economic Development, multiple regional partners, and local funding sources. If you are interested in starting your own business, contact the Southeast Minnesota SBDC at 507-285-7536.