What is an SBDC?
Small Business Development Center (SBDC) Model: Transferring the SBDC model to develop the small business sector in Latin America
What is a Small Business Development Center (SBDC)?
An SBDC is the main source of technical and managerial assistance for small businesses in the United States. The mission of an SBDC is to promote growth, innovation, productivity and revenue for small businesses through improvements to their business administration.
SBDC Core Services
SBDC core services are focused on three key areas that cover the needs of startups as well as those of established businesses:
- One-on-one, confidential, free and long-term technical assistance.
- Group training focused on subjects of interest to small businesses and presented by SBDC staff and private sector professionals.
- Market research tailored to the client's needs.
These services benefit small businesses and generate economic impact that creates new jobs, increases revenues, strengthens and diversifies the formal economy, and promotes country stability and growth.
Key Elements of the SBDC Model
- The focus on long-term assistance: The high-value, one-on-one and long-term assistance is the key element to generate economic impact on the SME sector.
- The work with multiple small business clients: The SBDC model allows counselors to work with hundreds of clients per year, broadening the client base and maximizing the efficiency of the services offered and the impact generated.
- The creation of economic impact: The mission of all SBDC professionals is to help clients generate long-term economic impact that establishes new businesses, creates jobs, and increases sales and access to capital.
- The results oriented culture: SBDC professionals are evaluated in terms of impact generated through client work.
- The joint investment by three key sectors: SBDCs requires the public, academic and private sectors to jointly invest efforts and funds in order to guarantee the sustainability of the program and eliminate inefficiencies and work duplication.
- The simplicity, flexibility and capacity to adapt to local needs: SBDCs have the capacity to adapt their services according to the economic and social needs of the context in which they are located, offering services that are relevant to the SME sector served.
- The positive return on investment: The SBDC program generates a positive return on investment, contributing revenues that are greater than the cost of the program, benefiting all stakeholders and justifying its continuity.