Annual Statistics Tell Positive Story
Thursday, March 30, 2017
2016 was big year for business development in S.D.
The South Dakota Small Business Development Center was a significant force in job development in 2016. Its offices helped create or retain 1,434 jobs across the state.
The statewide network of business-assistance offices also helped 158 new businesses get started, and the offices’ efforts had a direct economic impact of nearly $264.2 million. As measured in the SBDC’s annual report for 2016, economic impact includes capital investments, new and retained sales, and federal contracts and grants.
2016 was an outstanding year for the network and its clients, including 2,218 new clients served last year, said Jeff Eckhoff, state director of the SBDC.
“The South Dakota SBDC provides a solid return on taxpayer dollars,” Eckhoff said. “For every dollar of government funding, the network returns more than $510 to the state’s economy.”
The SBDC network is an outreach program of the Beacom School of Business at the University of South Dakota. The U.S. Small Business Administration and the Governor’s Office of Economic Development are among the network’s key funders and administrative partners.
The SBDC has regional offices in Aberdeen, Pierre, Rapid City, Sioux Falls, Watertown and Yankton, and satellite offices in Brookings and Mitchell. Other offices and programs in the network include the Small Business Innovation Research program, South Dakota Manufacturing & Technology Solutions, South Dakota Procurement Technical Assistance Centers, South Dakota International Trade Center and the Enterprise Institute.
On March 22, SBDCs in South Dakota and across the United States will celebrate their first, collectively proclaimed SBDC Day. The observation was created to recognize the success and impact that SBDC offices have had across the nation in helping small businesses and boosting economic development.
The South Dakota SBDC is an accredited member of America’s SBDC, a national network of similar business-assistance programs. Sixty-three state and regional SBDC networks across the United States provide services such as free consulting to small businesses from nearly 1,000 locations.
The South Dakota SBDC has a record of being particularly successful in helping new and established businesses. Although the South Dakota SBDC ranks 55 of 63 in size of population base served, it is among the top six nationally on a per capita basis in three categories: capital formation, startups launched and long-term clients.
“It’s a very impressive performance,” said Venky Venkatachalam, dean of the Beacom School of Business. “Our state is full of small businesses, and it is critical that these businesses and entrepreneurs have a network of resources and assistance in order to grow to profitability. The South Dakota Small Business Development Center makes this growth possible,” he said. Venkatachalam and John L. Brown II, district director for the SBA, credit the success of the South Dakota SBDC largely to the experience and expertise of staff. “It’s one of the best, if not the best, across the country. We have counselors who have been here for a long time and have developed a lot of expertise. That makes them invaluable to anyone starting or growing a business,” Brown said.
“Consistently, our SBDC ranks in the top 5 percent in production, efficiency and effectiveness,” Brown said. “It’s remarkable.”
More information on South Dakota SBDC performance is available in the network’s 2016 Annual Report, which has been posted at www.sdbusinesshelp.com.
About the Small Business Development Center
For more information about the South Dakota SBDC and its affiliated offices see www.sdbusinesshelp.com.
The SBDC has regional offices in Aberdeen, Pierre, Rapid City, Sioux Falls, Watertown and Yankton, and satellite offices in Brookings and Mitchell. Other offices and programs in the SBDC network include Small Business Innovation Research program, South Dakota Manufacturing & Technology Solutions, South Dakota Procurement Technical Assistance Centers, South Dakota International Trade Center and the Enterprise Institute. The SBDC network is an outreach program of the Beacom School of Business at the University of South Dakota.
The SBDC network is funded through the support of the Governor's Office of Economic Development
Category: GROW SD