As the New Jersey Small Business Development Centers (NJSBDC) celebrates its 40th anniversary this year, the organization has just released its impact data for 2017.
Through its assistance, NJSBDC clients last year created and saved 14,848 jobs; 630 clients started new businesses; $126.8 million in financing was accessed for small business clients. Sixty percent of its 3,873 clients are established businesses with varying ranges of revenue and employment. The network delivered 19,284 counseling hours to its clients. Clients generated $1.496 billion in sales revenues. In addition, 541 business seminars were attended by 7,658 individuals and small business owners throughout the state.
“We help small business owners climb and gain success,” said Brenda Hopper, chief executive officer and state director. “Our business advisory services help small businesses gain knowledge and apply it to their operations.”
“Our statewide SBDC program counsels thousands of small business owners and entrepreneurs each year,” said Deborah Smarth, NJSBDC network chief operating officer and associate state director. “We empower them to grow their businesses and generate jobs for New Jersey residents.”
“The average investment by states in their SBDC programs is about $1 million according to recent past national association surveys,” said Smarth. “New Jersey invests less than that although several years ago it invested $1 million in the NJSBDC.”
Georgia and North Carolina with a similar population size as New Jersey invest $3 million and $2 million respectively in their SBDC programs. Connecticut with a population less than half the size of New Jersey’s invests about $1.3 million in their SBDC program.
“The New Jersey Legislature restored state funding since 2015 to a half million dollars,” stated Smarth. “We need to catch up to other states’ investment levels. This program more than returns the level of investment by the establishment of new businesses, expanded businesses and jobs created and saved. We hope that Governor Murphy makes small business assistance a top priority.”
The New Jersey congressional delegation supports the program along with state legislators in Trenton. The program receives Small Business Administration (SBA) funding on the basis of population, but, in order to obtain full federal funding, the state SBDC must match the federal funds, dollar for dollar with non-federal sources.
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