Presenter/Contact
Presenter
Jared Werner, Chief Financial Officer
Contact Info
(830) 221-4395 - jwernerl@nbtexas.org
Subject Header
SUBJECT:
Title
Approval of a resolution recommended by the New Braunfels Economic Development Corporation to provide up to $140,000 to the Center for Entrepreneurship for operation of the Small Business Development Center in 2018-19.
Body
BACKGROUND / RATIONALE:
This expenditure will allow the Spark Small Business Center (SPARK) to renew its contract with UTSA to operate the Small Business Development Center (SBDC) in New Braunfels for fiscal year 2018-2019. SPARK, formally known as the Center for Entrepreneurship, has facilitated a partnership between the New Braunfels and Seguin economic development corporations to provide an opportunity for local business owners to locally access the programs and services offered by small business development centers. SPARK supports the entrepreneurial and small business environment in New Braunfels by providing free services targeted to existing businesses and aspiring entrepreneurs. SPARK primarily focuses on counseling sessions, expanding access to capital, contracting and procurement opportunities and exporting initiatives. The NBIDC board continues to receive regular updates on the performance measures of the center.
Since 2011, the New Braunfels Economic Development Corporation (NBEDC) has partially funded a contract with the SPARK to fund New Braunfels’ portion of the satellite center. The SPARK board establishes performance goals for the SBDC center and reviews the contract on an annual basis. Through the end of the third quarter, the Center advised 386 clients, delivered 1311 advising hours, trained 278 clients and held 24 training events. The center had facilitated the creation of 19 new businesses and 13 business expansions with 105 jobs created and 291 jobs retained. These businesses attracted more than $9.2 million in new capital infusion into the community. The Center exceeded their performance measures through the end of the third quarter of FY 2017-2018.
ADDRESSES A NEED/ISSUE IN A CITY PLAN OR COUNCIL PRIORITY:
|
X |
Yes |
City Plan/Council Priority: |
Strategic Priorities: 12 - Work with existing entities to ensure balanced economic development |
FISCAL IMPACT:
Up to $140,000 in FY 2018-19 from the NBEDC. There are sufficient funds available to approve this resolution.
Recommendation
COMMITTEE RECOMMENDATION:
The Board of Directors of the NBIDC unanimously approved this expenditure at their September 20, 2018 meeting.
STAFF RECOMMENDATION:
Staff recommends approval of the resolution.