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Margaret Somer, Regional Director Small Business Development Center, Northeast Mass

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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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slide1
Margaret Somer, Regional Director

Small Business Development Center, Northeast Mass

Salem State College

slide2
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

slide3
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…)
slide4
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..)
slide5
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
slide6
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.
slide7
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
slide8
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)
slide9
SBIR / STTR Resources
  • www.sbirworld.com
  • www.pnl.gov/edo/sbir
  • Individual agency websites
  • SBIR newsletters and email lists
  • SBIR conferences and workshops
slide10
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
slide11
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
slide12
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
slide13
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
slide14
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
slide15
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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