Minnesota’s SBDCs play an integral role in helping small businesses and entrepreneurs succeed
By Neela Mollgaard, Executive Director, Office of Small Business Development
Governor Tim Walz has declared March 15 as Small Business Development Center (SBDC) Day in Minnesota, and here at DEED we are excited to commemorate the day alongside more than 1,000 Small Business Development Centers around the country. This commemoration on March 15 helps to highlight the importance of small business contributions and success in our communities.
DEED’s Small Business Development Centers (SBDC), located across the state, provide professional expertise and guidance to business owners – whether the business is just an idea or already established and ready to expand. To help clients overcome the challenges of running a small business, counselors provide confidential, no-cost consulting. They are experienced professionals in the private sector and can be found at the nine statewide regional SBDCs available in Minnesota.
In 2022, Minnesota SBDC consultants provided 32,000 hours of professional consulting to more than 5,200 businesses. These clients helped the state’s economy flourish by:
- Developing 152 new businesses
- Accessing $100.3 million in new capital investment
- Creating or saving more than 4,500 jobs
- Growing revenues by more than $232 million
“Small businesses are the foundation of Minnesota’s economy,” said Kevin McKinnon, temporary Commissioner of the Department of Employment and Economic Development. “Our agency recently chose to place a greater focus on small businesses with a new Office of Small Business Development, which brings together four offices across DEED: the Small Business Development Centers, Office of Small Business Partnerships, Small Business Assistance Office, and Launch Minnesota – all of whom work together to better support Minnesota’s entrepreneurs and small businesses.”
Regional offices across the state will be celebrating tomorrow, here are just a few examples:
- The Southeast region will host an open house in Rochester from 2-4pm at their office on 221 First Ave SW – 6th Floor.
- The West Central office will take a road tour and host meet-and-greets starting in Moorhead and stopping in communities throughout the region to meet with small business owners.
- North Central will be having a open house from 10-12pm with refreshments, door prizes and tours of North Central University.
Due to the importance of small businesses to our communities and economy, the Governor proposed new funding not only for Small Business Development Centers, but also for the Small Business Navigation Program, the Small Business Partnerships Program, expansion for Launch Minnesota, and additional funding for an Expanding Opportunity Fund, which would vastly accelerate capital into small businesses through partnerships with nonprofit lenders. Learn more about these DEED budget items in the One Minnesota Budget.