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Margaret Somer, Regional Director Small Business Development Center, Northeast Mass Salem State College. Massachusetts Small Business Development Center Network www.msbdc.org. Small Business Development Centers Central MA SBDC - Clark University - Worcester

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Margaret Somer, Regional Director

Small Business Development Center, Northeast Mass

Salem State College


Massachusetts Small Business Development Center Network

www.msbdc.org

Small Business Development Centers

Central MA SBDC - Clark University - Worcester

Northeast MA SBDC - Salem State College

Southeastern MA Regional SBDC – Fall River

UMass Boston SBDC - Boston

Western MA Regional SBDC - Springfield

Berkshires SBDC – Pittsfield

PTAC– Government Contracting

Mass Export Center

Network funding & key partners

U.S. Small Business Administration

MA Dept. of Business & Technology

UMass Amherst and other institutions


GOVERNMENT FINANCING FOR BUSINESS

Why does government provide business financing and services?

  • To stimulate technological & scientific innovation and the development of new products that government seeks, (SBIR R&D grants for new products in defense, environmental contamination…)

  • To generate economic activity, jobs and business opportunities

  • To promote and retain employment and upgrade workforce skills, (Massachusetts Workforce Investment Fund…)


GOVERNMENT FINANCING

  • To create new financing models for the private sector to adopt (MTDC’s financing of early stage technology companies in the ‘70s; minority business financing; affordable housing in the ‘80s, …)

  • To support projects with significant economic impact (ATMP – Advanced Technology & Manufacturing Ctr. in Fall River; Devens, a former MA military base located in four towns; Enterprise Center in Salem)

  • To leverage and stimulate private sector investment (SBA loan guarantees, quasi-public financing..)


FEDERAL GOVERNMENT – BUSINESS FINANCING

  • U.S. Small Business Administration – www.sba.gov

    • SBA Loan Guarantees

    • SBA 504 Program – acquisition of property equipment, etc. (the business finances 10%)

    • Disaster Loans

    • Export loans

    • SBIR - Small Business Innovation Research Grants

    • STTR – Small Business Technology Transfer Grants


SBIR - Small Business Innovation Research Grants

  • 2.5% set aside from federal agencies since 1982

  • Stimulate technical innovation in small business communities to meet federal R&D needs – and commercial potential

  • PI must be employed by small business

    STTR – Small Business Technology Transfer

  • Stimulate scientific and technological innovation through cooperative R&D carried out by small businesses and research institutions.

  • Foster technology transfer between small businesses and research institutions.

  • PI may be employed by small business or research partner.


SBIR / STTR – 3-Phase Program

  • Phase 1:

    • Up to $100K and 6-12 month award - Feasibility study

  • Phase 2:

    • Up to $750K and 2-year award

    • Full research / R&D

  • “Phase” 3:

    • Commercialization stage

    • Company raises funds on its own


  • SBIR - Small Business Innovation Research Grants

    • Who participates? 66% have 2-24 employees.

      SBIR / STTR – Criteria – Phases 1 and 2

    • Strength of scientific/technical aspect of work

    • Ability to carry out project in cost-effective manner

    • Project or commercial impact on US economy

    • Evidence of commercial potential (Phase 2)


    SBIR / STTR Resources

    • www.sbirworld.com

    • www.pnl.gov/edo/sbir

    • Individual agency websites

    • SBIR newsletters and email lists

    • SBIR conferences and workshops


    MASSACHUSETTS QUASI-PUBLIC

    LENDERS & INVESTORS

    • Mass Technology Development Corp. – MTDC

    • Mass Technology Collaborative

    • MassDevelopment – Funds such as Emerging Technology Fund for tech-based manufacturing facilities & equipment

    • The Business Development Company

    • MA Community Development Finance Corp. – CDFC


    MASSACHUSETTS QUASI-PUBLIC

    LENDERS & INVESTORS

    • MCRC - MA Capital Resource Company

    • MCRC’s Life Insurance Initiative – capital for economic development

    • Property & Casualty (Insurance) Initiative – Community Development Initiative

    • MA Economic Stabilization Trust - manufacturing


    MASSACHUSETTS QUASI-PUBLIC LENDERS & INVESTORS –

    (and many more focused on later stage companies)

    Mass Technology Development Corp. - www.mtdc.com

    • Equity & sub debt for early stage technology companies since 1982

    • Usually $250-$500K

    • Jobs – leverage – technical innovation – nurture entrepreneurship

      Mass Technology Collaborative - www.mtpc.org

    • Debt/equity for renewable energy technology firms

      Massachusetts Workforce Training Fund - www.detma.org/workforce

    • Matching grants for workforce development


    CITIES, MICROLOAN FUNDS, NON-PROFITS

    • Debt and microloans for gap, business and project financing

    • Business incubators with a range of services and networks (ATMP, Enterprise Center at Salem State College)

    • Loan Funds: City of Lynn, MA

      • Microloans up to $35,000

      • Term loans up to $350,000

      • Loans up to $3 million for major development projects


    Other Interesting Resources…

    • Circle Lending –www.circlelending.com

      • Manages lending among family and friends -

    • MA Alliance for Economic Development-www.massecon.com

      • Assistance with site location


    Margaret Somer, Regional Director

    Small Business Development Center (SBDC)

    Northeast Region - Salem State College

    121 Loring Ave., Suite 310

    Salem, MA 01970

    Tel. 978-542-6343, x. 1

    [email protected]

    www.salemstate.edu/sbdc


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