Rose Washington Rentie Tulsa Economic Development Corporation 918
- Slides: 27
Rose Washington Rentie Tulsa Economic Development Corporation (918) 585 -TEDC www. tedcnet. com
DISCUSSION POINTS • • • About TEDC Why Small Business Matters FORWARD
TEDC: Intro • • not-for-profit, economic development corporation publicly and privately funded progressive lending to promising businesses—WE MAKE LOANS!! serve small companies that create sustainable economic impact
TEDC: Overview • • • Organized in 1979 8 employees; 15 board members $4. 2 mm loans on Balance Sheet Manage $26 mm SBA portfolio 5 years: 300 loan projects; $170 mm; 3, 500 jobs
TEDC: Qualifications • Certified Community Development Financial Institution, U. S. Department of Treasury • Micro Loan Intermediary, U. S. Small Business Administration • Certified Development Company, U. S. Small Business Administration • Loan Facilitator, Government Guaranteed Lending Programs
TEDC: Objectives • Economic stability for communities • • Create or retain jobs Expand sales/payroll tax base Grow output Economic self-sufficiency • • Business owners (retain wealth) Employees (earn living wage, gain skills)
TEDC: Clients • • • Represent most industries Positively impact workforce OR Fall outside of conventional credit standards OR Locate in target areas OR Are considered disadvantaged
Value of Small Business U. S. Small Business Administration Office of Advocacy, September 2009 l l l Employ just over half of the country’s private sector workforce Hire 40 percent of high tech workers, such as scientists, engineers and computer workers Represent 97. 3 percent of exporters Represent 99. 7 percent of employer firms Create most innovations that come from U. S. companies
U. S. Business Population
Oklahoma Business Population
Tulsa County Business Population
Small Business Survival Rates U. S. Small Business Administration Office of Advocacy, September 2009 l l l In 2008: 627, 200 new businesses; 595, 600 business closures; 43, 546 bankruptcies Seven of 10 new employer firms survive at least two years; about half survive five years Findings similar across industry sectors
Support Solutions • • Extensive classroom-based training programs Mentoring and coaching Not-for-profit commercial lenders/CDFIs Government guaranteed loan programs Technical assistance programs Minority vendor programs/Procurement set-asides Incubators
Funding Options • Grants (Let me know when you find one!) Friends, Family, Savings Investors SBA/Banks • TEDC • • •
FORWARD © FORWARD© is a comprehensive economic development system that uses franchising as an approach to creating business starts in targeted communities.
FORWARD © FRANCHISING OPPORTUNITIES REINFORCED WITH ASSISTANCE REWARDS DEVELOPMENT
2005 Snapshot of Franchises in OK l l l 12, 600 franchise establishments 16% of all companies with employees 146, 685 jobs (275, 794 jobs)* $3 billion in payroll ($7 billion)* $9. 5 billion in output ($25 billion)* *direct and indirect impact
Why Franchising as a Strategy? l Economics: job creation, sales tax generation, business growth l Opportunity: minority ownership is greater among franchise businesses; single unit, multi-unit, area development, master franchisor l Variety: more than 75 industries operate within franchising format l Demand: many goods and services needed by public sold through franchises
Why Franchising as a Strategy? l Cost: more affordable means of accelerating business expansion – economies of scale l Access to capital: easier; because lenders perceive franchises as less risky with proven practices l Credentials: pre-established; symbol of quality, consistency, service, value l Support: extensive training; capacity building; in business for self, not by self
FORWARD : © • • • Site I To be developed and owned by Greenwood Community Development Corporation Banfield site -- 3 acres at Peoria and Reading Streets just north of Gateway Plaza and Gateway Market funded by TEDC/CDBG Multi-level, 24, 000 square feet of rentable space 2 out-parcels for private development $3 mm construction costs
FORWARD : © l l l l The Participants Satisfactory behavior/values assessment Complete business planning course Work part-time for 1 month in like business if no industry experience Work full-time in new business Commit 7 -10 years at retail site Comply with TEDC lending criteria Agree to monthly coaching, mentoring, technical assistance and fiscal oversight Commit to hiring local student as intern
FORWARD : © The Investment $3 mm in construction costs + $250, 000 average per businesses (loan, equity, some combination thereof)
FORWARD : © l l l The Return 10 business starts 50 direct jobs At least $5, 000 in direct output annually
FORWARD © FORWARD brings together the power of human and financial capital to help transform Tulsa’s north community into a vibrant, desirable place for people to live, work and raise families. In partnership, we can promote positive, sustainable impact through long term, geographic-specific economic development. (Franchise examples: Instant Imprints, More Space Place, Tropical Smoothie Café, UPS Store, Play-n-Trade, Flicko, party supply store, wireless store, tax center, specialty candy & gifts, casual dining restaurant, dry cleaning, clothing & accessories, etc. )
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