Research Finds Florida SBDCs Continue to Have Substantial Impact on State's Economy

Media Release Release Date: September 10, 2013 FOR IMMEDIATE RELEASE Research Finds Florida SBDCs Continue to Have Substantial Impact on State's Economy 47,845 jobs created, retained & saved at a cost of $112 per job FSBDCN State Office: Fostering entrepreneurship and growing small businesses are the foundation for job creation and our state's economic vitality. As one of Florida's most important economic contributors, small businesses employ over 42 percent of the Florida's workforce and represent 98 percent of the state's firms. New research on small businesses in Florida validates this claim. According to an independent study conducted by the Haas Center, Economic Impact of the Florida SBDC Business Development Activities on the Florida Economy 2013, the Florida SBDC Network program helped entrepreneurs create, retain and save a total of 47,845 direct and indirect jobs across the state at a significantly low cost of $112 per job to the Florida taxpayer. "The SBDC's minimal per-job cost to the Florida taxpayer represents a significant departure from norm in an era when states and regions typically compete through their economic development organizations for jobs that cost the taxpayers several thousand dollars each," said Dr. Rod Lewis, Director of the Haas Center. "The Florida SBDC Network provides invaluable services to small businesses across the state of Florida." These growing businesses increased sales by $6.3 billion, generated $215 million in state tax revenue, and contributed $3.9 billion to the state's economy as a result of the work of the Florida SBDC Network. "The return on investment in the FSBDC program is substantial. For every $1 invested in the program, $40 is returned to the state in tax revenue," said Michael Myhre, State Director (Interim) of the Florida SBDC Network. "These results point to the importance of small businesses having access to the management and technical assistance they need to make sound business decisions." The research also found that small businesses assisted by the FSBDCs are growing at a much faster rate than the average Florida firm, and that the FSBDC helps create high-skill, high-wage jobs in the state. Established manufacturing firms, for example, that received business consulting from the FSBDC saw a job growth of 9.2% compared to 1.7% growth for the average Florida manufacturing firm. As the state-designated principal provider of small business assistance, the Florida SBDC Network serves the complex and diverse needs of entrepreneurs and businesses through no-cost professional consulting, value-added business training, and access to business data and information. Since its inception, the FSBDCs have served over 1.1 million entrepreneurs and small business owners and is the only statewide organization capable of providing business assistance through all stages of their business growth. About the FSBDC Network For over 35 years, the FSBDC Network has nourished a statewide partnership between higher education and economic development organizations, dedicated to providing emerging and established business owners with management and technical assistance, enabling overall growth and increased profitability for the businesses and economic prosperity for the state. A statewide service network of 41 centers with 60 outreach locations, the FSBDC Network is funded in part through a cooperative agreement with the U.S. Small Business Administration, hosted by the University of West Florida and accredited through the national Association of SBDCs. To learn more about the FSBDC Network or to find a SBDC near you, visit www.FloridaSBDC.org or call 1.866.737.7232. In 2012, the Florida SBDCs served approximately 38,000 entrepreneurs and small business owners through consulting and training, resulting in 47,845 jobs created, retained and saved; $6.3 billion in sales growth; $235.2 million in capital accessed; $588.4 million in government contract awards; and 744 new businesses started. State Office l UWF Office of Economic Development & Engagement 11000 University Pkwy, Bldg 38 l Pensacola, FL 32514 866.737.7232 or 850.473.7800 l www.FloridaSBDC.org