I wanted to take a moment to thank all of the small business owners, state, local and regional partners, legislators and press that have helped tell NH SBDC’s story and advocated on behalf for our state funding. The outpouring of support was incredibly encouraging and gave us hope that we would have a positive outcome through the state legislative budget session. I am pleased to let you know that the state’s FY22-23 budget has us slated to received $390,000 per year in each year of the biennium. These critical state funds will help us access our core federal funding and other public and private sector funds, but more importantly these funds sustain NH SBDC’s ability to assist NH’s small business owners and entrepreneurs, at no cost to the business, in the years ahead.
While we can provide facts and figures regarding the thousands of small businesses SBDC has supported over its 37 years, it made all the difference in the world for state legislators to hear from you. Your stories about what makes SBDC truly special and impactful, really hit home and helped legislators better understand why SBDC is worthy of continued funding in the state budget.
Throughout the pandemic we have been there with laser focus, helping business owners keep their doors open, their staff and customers safe, and their futures hopeful. We remain committed as ever to helping businesses be resilient, create jobs and grow the state's/NH's economy. On behalf of the entire SBDC Team, thank you again for your continued support. We wouldn’t be where we are today without you!
Background information about NH SBDC and our impact on businesses and the NH economy.
SBDC is a cooperative agreement of three partners: the U.S. Small Business Administration, State of NH, and the University of NH. All three partners are critical to the ongoing success of the SBDC program in NH.
SBDC is the Granite State’s leading provider of confidential, highly individualized, business advising and training, at no cost to NH businesses. With over 200 years of combined small business ownership and business advising experience, our team of certified business advisors supports businesses in any industry, and at any stage of growth with up to 500 employees - which is 99% of the businesses in NH. Over 36 years we have assisted 106,000 businesses across our statewide network.
There is no other state or federal resource partner in NH that provides the high level of business advising and training to NH companies that SBDC does. Our work complements the work of partner agencies, Chambers of Commerce and Regional Economic Development Corporations.
NH SBDC was there throughout the pandemic with advice and guidance to help small businesses obtain the state and federal relief available to them. Like SBDC’s clients, the organization pivoted quickly to respond to businesses’ needs right from the start of the COVID crisis. We created a COVID Assistance landing page that has seen over 33,000 visits, and delivered over 250 webinars since April, 2020 which have reached more than 5,000 individuals.
With a total annual economic impact of $166.3 million,
SBDC is a smart investment in the future of NH’s economy and small businesses.
In 2020 alone, we supported over 7,000 businesses in 214 NH communities through direct advising and training. We helped our clients, despite the pandemic:
- access over $45 million in new capital
- increase their sales by close to $10 million
- create and retain 1,300 Jobs
After 5 years, 80% of SBDC counseled businesses are still in business. This contrasts with the 44% survival rate of non-assisted businesses. (Source: Dr. James Chrisman, ASBDC economist)
The Small Business Act mandates $1 to $1 local match to federal funding. 50% of the federal match must be a cash match. In FY20 and 21 we were appropriated state funds of $440,000 per year for a total of $880,000 over the biennium.
To maintain our high level of service and small business recovery efforts, SBDC is respectfully requesting the State Legislature restore our funding in the state budget to a minimum of $440,000 per year in fiscal years 2022 and 2023.
- Foster's - Gov. Sununu moves to reinstate small business development funds
- NHBR - Sununu reverses course on SBDC funding
- NHBR - Supporters, clients rally around SBDC
- Keene Sentinel - Locals concerned over proposed state cuts to small business center
- WMUR/NH Business - Governor Sununu's proposed funding cut for SBDC program
- NHBR - State budget proposal decimates support NH SBDC
- WMUR – Local entrepreneurs question proposed cut to NH SBDC
- Foster's – Governor Chris Sununu’s small business development cuts questioned