There are many benefits to working with a Small Business Development Center, or SBDC for short. Here are just a few of the many benefits they provide…
1. Objective Feedback and Advice– from small business experts focused on YOUR best interests
- The SBDC staff has nothing to sell or promote
- There is no membership involved; nothing that you have to join
- No rigid size restrictions
- Their goal is to give you accurate, timely and objective feedback
2. Save Time and Errors– clarifying confusion, solving problems, and answering questions
- Don’t waste time or risk costly errors by acting on issues you don’t understand
- Use SBDC much like a concierge service – contact your local SBDC whenever you encounter questions or problems of any type, and they will help point you in the right direction
- Some solutions might include linking you to other experts or organizations that are best equipped for your circumstances
3. Connections– to critical resources, to highly qualified professionals, and to business organizations or other businesses for networking, teaming or supplier relationships
- SBDC staff members have many years of experience in small business issues
- The staff is familiar with local processes, organizations and resources, and can help you make strategic connections
- The SBDC can engagespecialized consultantsthat offer additional levels of expertise and support
- Your local SBDC also helps businesses make connections to organizations and other businesses that might be helpful for networking or business development
4. Financial Insights– SBDC experts can help you optimize your cash management and/or prepare stronger loan or line of credit applications
- Every business can benefit from examining their cash flow with their local SBDC. That analysis, like all SBDC services, provides guidance and feedback without cost, and can improve your profitability.
- Your local SBDC can help you get ready to apply for financing so you can present your strongest case to the bank/credit union. Their services can help you provide a thorough and well thought out business plan and financing package. Here’s what you’ll need to get started:
- 3 years tax returns – business and personal
- Current year-to-date financials – profit and loss, balance sheet with aging reports, schedule of debts
- Business plan with projections
- Project cost documentation
- Proof of your down payment
5. Free, Confidential and No Obligation
- The SBDC has one mission…to help you! Most SBDC resources and services are free, confidential, and without obligation.
Click here to find your local Small Business Development Center
Who is eligible for assistance from an SBDC?
If you’re starting a business for the first time or are new to the small business sphere, you are eligible for assistance from SBDCs. Any existing small business owner who is looking to grow their business and cannot afford private consulting services is also eligible for services from SBDCs. In most cases, the SBDC you’re working with will review your eligibility when you first reach out.
What services does the SBDC provide?
The center can help small businesses with:
- starting a new business
- writing a business plan
- creating financial projections
- developing marketing plans
- increasing sales
- record-keeping and accounting
- personnel management
- sources of credit financing
- advertising and sales promotion
- understanding financial statements
- industry research
How do SBDCs impact the economy?
Nationwide, small businesses employ 60 million people, which is nearly half of all American workers. With deep roots in their communities, small firms and their employees are the engine driving the American economy. SBDCs provide these local businesses and entrepreneurs with the resources they need to thrive, compete, and succeed.
Check out America’s SBDC most recent Annual Report.
America’s SBDC is the association that represents America’s nationwide network of Small Business Development Centers. According to its website, in 2019, it had provided $5.6 billion in financing and created over 99,124 jobs nationwide. Between 2017-2018, it helped start 16,499 businesses, and in 2019, it generated $7 billion in new sales.
About the Central Illinois SBDC
The Illinois SBDC, hosted by Growth Corp, follows its mission of providing professional guidance for business growth in ten Central Illinois counties, including Sangamon, Menard, Logan, Christian, Montgomery, Macoupin, Morgan, Cass, Greene, and Scott.
The Illinois SBDC carries on the long history established through the SBDC’s 35-year role as a leader in economic development for the area. Hosted by SBA Certified Development Company, Growth Corp, the Center now adds access to the in-house expertise of one of the top 504 lenders in the country.
Meet the Director
The Director, Kevin Lust, Mr. Lust began his service at the Illinois SBDC at Lincoln Land Community College in 2005 and was with the Center through its closing in December of 2020, when he opened the new Illinois SBDC for Central Illinois. He originally began his career in banking and has owned his own professional services business since 1996, along with two other small businesses.
The Offices
The Central Illinois SBDC operates from professional offices in the Growth Corp Building, a modern, accessible building with ample free parking on one of the busiest streets in the City’s west-side commercial district. The Director’s office allows for private, confidential meetings with clients and the Illinois SBDC uses a separate 315 square foot space housing its John L. “Jack” Smith Small Business Library, which is open for clients and visitors during office hours.
Specialties
The Illinois SBDC for Central Illinois brings a special market focus to the service sector. The seat of State government, the Springfield area economy is heavily weighted to service-oriented businesses and there are a great number of opportunities for businesses of all sizes in that marketplace. Also, the Director has built extensive experience and an additional market sector focus in the restaurant industry.
Contact Information
2401 West White Oaks Drive; Springfield, IL 62704 · sbdc@cisbdc.com · 217.522.2772 · www.cisbdc.com
About Growth Corp
Growth Corp is the largest provider of SBA 504 commercial real estate financing in Illinois.
Growth Corp is a non-profit development company certified by the U.S. Small Business Administration (SBA) to originate SBA 504 loans in Illinois and its surrounding areas. Driven by a passion for helping small businesses grow, Growth Corp is the largest SBA 504 Lender in Illinois and one of the top ten Certified Development Companies in the country. With a current portfolio in excess of $740 million, Growth Corp has helped thousands of small and medium-sized businesses get the financing they need.
We know your success depends on having access to expansion capital. We offer affordable and accessible expansion capital to grow your business. Our experienced staff takes pride in making a difference in the lives of small business owners and their employees. Start-ups to seasoned businesses and everything in between can benefit from working with Growth Corp. Here’s why:
- We’re the #1 SBA 504 Lender in Chicago and Illinois. Growth Corp also consistently ranks as one of the top ten SBA 504 Lenders nationwide.
- SBA recognized Growth Corp as an Accredited Lender after a thorough review of its policies, procedures and prior performance. The prestigious ALP status grants Growth Corp increased authority to process and close 504 loans, which provides expedited processing of loan approvals and closings.
- We simplify the loan approval process. Our team coordinates the entire process from application through closing, funding and servicing, making it seamless for you and your bank lender.
- We are SBA 504 Experts. Our responsive and educated staff focuses almost exclusively on SBA 504 loans. We’ve got the process down to a science!
- We’ve worked with thousands of businesses, spanning various industries. That means, there’s not much we haven’t seen. Your goals, project structure and business type will likely be familiar to us and we’ll understand your unique situation.
- Our mission is to advocate for small business. We love our communities and believe small business is the foundation of their economic prosperity. We will do all we can to support you and your business goals.
If you run a small to medium sized business in and need financing to buy or construct a building or to purchase machinery/equipment, Growth Corp’s team of professionals will work with you directly to provide the best financing strategy for reaching your goal. Contact any member of our Lending Team today!
