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Small business development centers definition

Small business development centers definition
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The Small Company Development Center (SBDC) program is one of several programs run by the Small Business Administration (SBA).

Is designed to help current and aspiring small business owners with management. The 1976-established program is described by the SBA as a “collaboration between the public and commercial sectors.

As well as the academic community and local, state, and federal governments.” Offering managerial and technical support to small enterprises improves economic development.”

Small business development centers’ definition

All 50 states, Puerto Rico, Guam, the US Virgin Islands, and the District of Columbia all have SBA-run small business development centers.

There are satellite service stations at several of these centers as well. However, they may also be found in vocational schools, chambers of commerce, and economic development organizations.

These satellite sites are typically housed at colleges, universities, and community colleges.

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Although paid staff members and a director are typically employed by SBDCs, the majority of SBDCs rely heavily on volunteers.

These include qualified individuals from professional and trade associations, members of the legal, banking, and academic communities, chamber of commerce representatives, and members of the Service Corps of Retired Executives.

Additionally, consultants, consulting engineers, and testing facilities are frequently paid by SBDCs for services performed on behalf of their customers.

The SBA oversees the operation of small business development centers but is legally prohibited from funding more than 50% of each state’s SBDCs’ operational costs.

The balance of their operational budgets is obtained by the centers through state legislatures, private foundations and grants, state and local chambers of industry, economic development organizations, public and private universities, vocational and technical institutions, and community colleges.

At a few centers in recent years, non-SBA sponsors have provided more than half of the required matching share.

Small business development

PROGRAM OF THE SBDC

According to the SBA, small business development centers are created to provide prompt and accurate advice, training, and technical support in all facets of small business management.

Including finance, marketing, operations, production, organization, engineering, and technical issues, human resources, and feasibility studies.

Depending on the requirements of their business clients and the communities in which they operate, some centers also provide assistance in areas like venture capital formation, rural development, exporting and importing, and the procurement of funding (including Small Business Innovation and Research grants).

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What is a center for business development?

Small Company Development Centers offer guidance and instruction to small firms, as well as collaborate with the SBA to create and distribute informative materials to help new business ventures and business growth.

What does “business development” mean?

The ideas, efforts, and actions that contribute to the improvement of a firm can be summed up in the simplest terms as “business development.” This includes raising sales, expanding the firm, improving profitability through forming strategic alliances, and making strategic business choices.


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