Cape Cod has an exciting new business support system called the EntreCenter designed to assist budding and seasoned entrepreneurs. Through the efforts of State Rep. Atsalis and Senator Murray, the EntreCenter has just received funding to provide services across the Cape for the coming year. Funded by the Commonwealth of Massachusetts' Dept. of Business & Technology as a joint project of the Cape Cod Chamber and its sister corp. the Cape & Islands Community Development Inc. (CDI), the Cape & Islands' small business lender, the EntreCenter is guided by a professional case manager who offers services at no charge to local businesses.
The EntreCenter coordinates a plan of assistance for each small business by bringing together the mind- power, resources and energies of the region's existing business resource providers through a Connectivity Council. This approach is a unique regional effort that creates an efficient and community-wide support system to help grow local businesses.
The EntreCenter utilizes a progressive tool to assess the business' current state and future needs- identifying problems before they become crises. It then guides the business to the resources needed to thrive and succeed. This is where problems have arisen in the past. Surveying small businesses, we found there to be an array of service providers available for entrepreneurs, however, no linkage among them, resulting in unmet needs for entrepreneurs. The EntreCenter creates that link through regular contact with the business to follow up on their progress. Did the business meet with the assistance provider? Did they get value from that service? Do they need another step that was identified from the assistance already received?
The delivery system we are launching this week combines access to business assistance linked to sources of capital for entrepreneurs. It comes from an in-depth look at the Cape's economy past, present and future and extensive experience working with businesses and loaning them money. CDI's lending program has an excellent track record: $16 million lent with no delinquencies. The loan program already serves small, emerging and young entrepreneurial businesses with these characteristics: 95% employ less than 20 people, 52% are new and emerging businesses, 37% are under the age of 35, which is particularly important as we work to retain our younger population in the region. And, they look to serve year round businesses. Over 90% of the loans are to Cape and Islands companies not directly involved in the hospitality industry. In fact 100% of our loan recipients have increased their income from date of application and 85% have increased net worth. Impressive figures that we expect to grow with the accelerated technical assistance programming through the EntreCenter.
The Chamber and Cape & Islands CDI have linked direct support for businesses with economic development initiatives that relate specifically to the workforce and the general economic well being of our region. The desire is to grow Cape-based entrepreneurs so that they can hire additional Cape Codders and provide living wages and good benefits. Our model is a true public private partnership whereby minimal public resources support growing significant private jobs. This is a model that can and should be replicated across the state.
In the coming days we'll be rolling out the welcome mat at our EntreCenter offices located at the Cape Cod Chamber's administrative building right at Exit 6 in Hyannis. There staff will meet and greet any business seeking assistance. Additionally a new website resource will make it easier for entrepreneurs to connect with help right from their desktop. For more info call 508-362-5709 or next week visit us at www.EntreCenter.org.