Presentation is loading. Please wait.

Presentation is loading. Please wait.

City of Ventura Business Assistance & Enhancement Program November 15, 2010 Sid White, Economic Development Manager City of Ventura Bruce Stenslie, President/CEO.

Similar presentations


Presentation on theme: "City of Ventura Business Assistance & Enhancement Program November 15, 2010 Sid White, Economic Development Manager City of Ventura Bruce Stenslie, President/CEO."— Presentation transcript:

1 City of Ventura Business Assistance & Enhancement Program November 15, 2010 Sid White, Economic Development Manager City of Ventura Bruce Stenslie, President/CEO Economic Development Collaborative Ventura County

2 Business Development Programs Business Enhancement Program (BEP) Free and Confidential assistance for businesses (w/ EDC-VC, SBDC, SCORE, WEV, WIB) One-on-one consulting Technical assistance Agency referrals Business Assistance Loan Program (BAP) Provides up to $125,000 in low-interest loans ($250,000 w/ EDC-VC) Commercial Rehabilitation Code Compliance Business Development

3 Business expansion & growth Increase business profitability Create new jobs Turnaround assistance for small businesses in crisis Keep business in business Retain jobs, avoid layoffs Business Start-up, Entrepreneurship One-on-One Professional Consultation Bench of Experts Confidential Service No Cost for Services Business Enhancement Overview

4 BEP Marketing Business License List Ventura Magazine Community Councils DVO/P Newsletter Ask the Director Word of Mouth Face to Face

5 Current Downtown Business Outreach Activity Direct, personal visits to 80 select downtown business owners In response to “what we heard” -- organizing a Downtown Business Workshop with DVO/P focusing on “Social Media” Marketing for Holidays. Professional, no cost, confidential follow-up consultation with approximately 25 businesses EDC-VC and Small Business Development Center/SBA resources, and/or referral to other expertise, and/or Loan Program Officer.

6 Business Enhancement Forums Multiple sponsors, Chamber Partnership Over 140 business attendees Direct follow- up with more than 35 businesses Better than a 4.5 positive rating on a scale Scheduling next for after first of year

7 Business Enhancement Forums

8 Program Partners Economic Development Collaborative-Ventura County Small Business Development Center Network and SBA Ventura Chamber of Commerce, Local & Regional Banks SCORE, Women’s Economic Ventures Workforce Investment Board of Ventura County and Ventura County Job & Career Centers Ventura County Community College District California Manufacturing Technology Consulting Ventura County Regional Energy Alliance Southern California Edison & The Gas Company

9 Business Assistance Loan Program Improve Business Access to Capital for: Small Business/Micro-Enterprise Development Commercial Rehabilitation Code Compliance Overcome Barriers to Entrepreneurship Provide a Pool of Capital for Direct Lending when Commercial Credit is Unavailable Connect Businesses to Other EDC-VC Loan Funds & Lenders, SBA Programs, Leverages Bank & Owners’ Equity Aligned with Economic Development Strategies

10 Business Assistance Loan Program History Program Inception in Years 1999/2000 $600,000 Commercial Rehab Loan Fund Downtown Redevelopment and Westside Revitalization Areas (added Midtown in 2002) $330,000 Code Compliance Loan Fund Citywide $250,000 +/- Community Development Block Grant (CDBG) “Annual” Allocation Working Capital Micro-Loan Program

11 BAP Marketing Business License List Ventura Magazine Community Councils DVO/P Newsletter Ask the Director Word of Mouth Face to Face

12 Business Loan Program Performance Since Program’s Inception in Year Business Entities Assisted 78 Loans Issued Over 145 Jobs Retained Over 160 Jobs Created ($15,574 per job created) Total Loans Funded: $2,491,862 Defaults & Loan Losses: $268,303 Default Ratio: 10.77% (SBA 13-15%) Total Loan Pool Performance, Including Interest Earned on Loans, Is Positive, “Principal Intact”…

13 EDC-VC Partnership & Role Full-time professional loan officer, loan recommendations approved by a bank-professional led loan board Focus on client’s business plan & city’s policy objective to create at least one job per $25,000 loaned Loan review process includes extensive, professional business development assistance Rigorous credit standards, though more flexible than commercial credit Three years of financial statements or projections Collateral includes business assets, personal guarantees, UCC-1 filing

14 Diversity of Loan Recipients Of the 47 loan recipients, primary concentration in Downtown Redevelopment Area Outside Downtown, recipients include manufacturers, others with high wage jobs Recipients include: restaurants & hospitality industry professional & technical services retailers & wholesalers information technology

15 Next Steps Continue targeted outreach; free, confidential, professional assistance Downtown Business Workshop Specific Topic Workshops Major Forum in early partnership focus Continue evaluation/tie-in lending priorities with City’s ED Strategy Balance “quality of life” service businesses, high value/wage industries…retain existing jobs, too! Increasingly seek out innovation & entrepreneurship

16 For Additional Information Sid White, ED Manager – CD Dept Bruce Stenslie, EDC-VC , ext 24


Download ppt "City of Ventura Business Assistance & Enhancement Program November 15, 2010 Sid White, Economic Development Manager City of Ventura Bruce Stenslie, President/CEO."

Similar presentations


Ads by Google