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in this issue SBDC News & Information Bright Ideas: Energy-Saving Upgrades Pay Off for University of Scranton SBDC Client If the Weak Dollar is Hurting You, Exporting May Be the Answer Consultant Profile: Todd Dolbin Penn State SBDC Workshop Examines Business Opportunities in a Challenging Economy Small Business Institute Positions Northeastern PA Business Owners for Success Full Steam Ahead: Brookville Equipment Corporation Celebrates Long-Term Success Capitol Views: Congressman Jason Altmire Veteran Builds Rock-Solid Business with Wilkes University SBDC Help University of Pittsburgh SBDC Bolsters Region's Growing Tech Community Educational Programs |
Centers Respond to Growing Concerns about Economic Conditions
Small businesses across the state are feeling pinched, as trouble that started with the housing industry ripples through the economy, prompting consumers to cut back on their spending. “We’re seeing a lot more people coming in because they’re running into cash-flow problems or looking for new customers,” notes Jon Vernam, director of the Bucknell University Small Business Development Center, which covers the central part of the state. Across the Commonwealth, business owners are increasingly experiencing increased difficulty in accessing capital, finding tighter lending criteria than they were facing months ago and the option of leveraging a home equity line practically nonexistent. Rising credit card rates also contribute to growing unease, with consultants at several centers already hearing from owners facing possible bankruptcy. “We urge companies to take the necessary steps to shore up financials, plan competitively, and seek assistance before cash concerns become real problems,” states Christian Conroy, interim state director of the Pennsylvania SBDC network. “Conditions like these are a test to survivability. The SBDCs can help firms come out of this turbulent period in an even stronger position.” Small businesses may take advantage of the SBDC’s no-fee confidential consulting services or explore one of the hundreds of low-to-no cost educational workshops designed to help small business owners manage their businesses well. For example, several centers offer workshops such as Growing Your Business in a Challenging Economy, recently presented by the Penn State SBDC (see Educational Spotlight). Individuals who have lost their job and are interested in pursuing self-employment can also find the SBDC to be a valuable resource. “We have a proven process that can help someone on unemployment start a successful new business,” states Dr. Mary McKinney, director of the Duquesne University SBDC in Pittsburgh. |
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In fact, each year over 2,100 new businesses are started with SBDC assistance. The story of Mark Beegle, a disabled veteran from Sullivan County who recently celebrated the opening of his stone mining company, is a good example of how the SBDCs can help a motivated individual establish a new venture (see MID-Life Stone Works success story). Growth During Recession? – read more – Economic duress also presents opportunity. The weak dollar, for instance, opens new markets overseas for Pennsylvania companies (see Tips & Tools) and the SBDCs may also help small business owners investigate new niche market prospects. “SBDC assistance, whether it’s help in maintaining profitability or in expanding sales, is particularly critical to entrepreneurs and small firms in a period of instability such as we have today,” states Conroy. “It is help that results in improved business performance.” Independent research bears this out. SBDC assisted clients grow and survive at rates far greater than other companies that do not avail themselves of SBDC services. Visit www.pasbdc.org/where for details.
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