Rochester Community and Technical College is excited to announce Mayo Clinic’s donation of $15,000 toward the Small Business Development Center (SBDC) hosted at Rochester Community and Technical College. On the heels of the Rochester Area Chamber of Chamber of Commerce’s Economic Summit, Mayo Clinic’s contribution comes at an opportune time as the impact that small business has on the region grows.
The SBDC provides professional business consulting and training at no cost to potential and current entrepreneurs and small business owners throughout Southern Minnesota’s eleven counties. Experienced business experts provide assistance to those seeking to open or expand a small business providing guidance and educational services taking the entrepreneur from visualization to operation.
According to recent research completed by the University of Minnesota’s Extension Service, 1 in 3 individuals are employed by a small business in Olmsted County where nearly $2 Billion dollars is paid out in labor income. Jennifer Wilson, Ph.D., Director for the Small Business Development Center, continues to see the impact that small businesses have on the region through the significant increased need for SBDC services. Dr. Wilson explains that each year the SBDC serves over 350 people who want to start a business or are actively growing their business. “These individuals seek help with business planning, marketing, financial packaging and more. These skills do not come natural to most people, so our help in educating helps to ensure small business success.”
Currently, RCTC is seeking support for the SBDC to ensure that business plan development, capital and loan packaging, financial analysis and succession planning services can continue within our region. “Mayo Clinic’s contribution is greatly appreciated as it has become more difficult for RCTC to provide the level of financial matching support required for the grant without the assistance from our regional partners”. Dr. Wilson shares that she is actively seeking contributions that will go to the $75,000 match required so RCTC can continue to host the SBDC. “Unfortunately, we are not able to charge for our services based on the rules of the Small Business Administration grant, so we are grateful to partners such as Mayo Clinic who see the value small businesses bring to diversify our economy.”
If you are interested in opening a small business please contact Rick Indrelie at the Small Business Development Center located at RCTC’s Heintz Center, 1926 College View Road SE Rochester, Minnesota 55904 or call (507) 285-7536 or email semnsbdc@gmail.com.
For further information on RCTC’s MJSP Partnership Grant, contact Jennifer Wilson at 507-529-2736.