PRESENTER: Presenter
Jeff Jewell, Economic and Community Development Director
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SUBJECT: Title
Approval of a resolution recommended by the New Braunfels Economic Development Corporation for a project expenditure of up to $250,000 to the SPARK Small Business Center to assist with the operation of an economic development program, pursuant to 505.102 of the Texas Local Government Code.
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DEPARTMENT: Economic and Community Development
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COUNCIL DISTRICTS IMPACTED: All
BACKGROUND INFORMATION:
SPARK Small Business Center (SPARK) supports and develops the entrepreneurial and small business environment by focusing on and providing counseling sessions, expanding access to capital, contracting and procurement opportunity, and exporting initiatives. In 2011, SPARK joined with the Small Business Development Center (SBDC) of University of Texas at San Antonio’s Institute for Economic Development (UTSA) to establish the Small Business Development satellite center in New Braunfels. The satellite center is staffed by a Certified Business Advisor and a Program Specialist and offers integrated services to meet the needs of experienced small business owners as well as individuals interested in starting a business in the New Braunfels area.
As a part of the required quarterly reporting process, SPARK representatives will provide quarterly written updates and two in-person presentations to the New Braunfels Economic Development Corporation (NBEDC) Board on the number of business plans created, new business starts, number of jobs created, number of jobs retained, and the amount of financing closed. Additional reporting metrics include updates on events, training, marketing, or any other supplemental work furthering the support of entrepreneurs and small businesses in the area.
The NBEDC unanimously approved this project expenditure at its October 17, 2024 regular meeting.
STRATEGIC PLAN REFERENCE:
☒Economic Mobility ☐Enhanced Connectivity ☐Community Identity
☐Organizational Excellence ☐Community Well-Being ☐N/A
FISCAL IMPACT:
The funding request of $250,000 provides the amount estimated to operate the Center for a year. Last year, SPARK expensed approximately $228,772 in operations costs, including rent, utilities, marketing, and contingency allowances. The SPARK 2024-2025 Budget projects $245,937 in expenses. The FY 2025 contract amount is the same amount requested for FY 2024. The NBEDC has sufficient funds to cover this expense.