Empowering small businesses is vital to our economy – San Diego Union-Tribune

Small business success is the mission of the San Diego & Imperial Small Business Development Centers (SBDC). The Small Business Development Center in our region has over 100 dedicated and expert-level staff and contractors providing no-cost training and confidential one-on-one business coaching. Every week, the Small Business Development Center’s team helps entrepreneurs and small business owners navigate starting a business, developing marketing plans, strategizing for sales growth, hiring and retaining staff, and navigating lending and other capital markets to find the money needed to grow their businesses.

The Small Business Development Center offers a wide range of services designed to support small businesses at every stage of their development. Every year, over 10,000 aspiring entrepreneurs and current business owners take advantage of the 700-plus trainings offered and one-on-one business coaching. One key area where the Small Business Development Center excels is in helping businesses become capital ready. This involves preparing detailed business plans, financial projections and loan applications that meet lenders’ stringent requirements. This prepares small businesses to secure funding to grow and succeed.

A key to the Small Business Development Center’s success is that its partnerships include many different small business lenders. An area of concern for many years has been the growth of predatory lending to small businesses, often through online sources. Loans to small business owners don’t have the same consumer protections as personal loans. Having mission-driven, quality lenders is critical. The loans provided typically go to businesses that don’t have enough experience to work with a traditional bank, have had some credit challenges or need a smaller loan.

Over the past five years, this collaboration has resulted in 84 loans totaling $2.36 million. These loans have been instrumental in helping small businesses overcome financial barriers and achieve their goals.

The Small Business Development Center’s work goes beyond just securing loans. It involves a holistic approach to financial management and capital readiness, including workshops and one-on-one counseling on budgeting, cash flow and financial forecasting. The Small Business Development Centers help business owners by giving them the tools and knowledge to manage their finances, ensuring their long-term success.

Small businesses often struggle with complex finance. The Small Business Development Center’s experts simplify this, offering clear advice. This empowers owners to make informed decisions. Such support is crucial during economic uncertainty, as good management is key to success.

The Small Business Development Center works every year to help aspiring entrepreneurs take their ideas and turn them into a business. Beyond navigating the legal steps, this training helps the entrepreneur learn what it means to run a business, including finances, marketing, sales and much more. In 2023, the Small Business Development Center helped over 200 entrepreneurs to start. As the business may need capital to start, Accessity is one of the very few quality lenders that will provide loans to a new business owner.

The impact of the Small Business Development Center’s and Accessity’s work is evident in the success stories of the businesses they support. From local restaurants to tech startups, these businesses are thriving. They owe it to the guidance and financial support they receive. This success translates into job creation, economic growth and a stronger community.

Fitzgerald works for Southwestern Community College as the regional director for the San Diego & Imperial Small Business Development Center Network. He lives in San Diego.