The Center for Entrepreneurship Completes Local Small Business Support
For many Americans, the “American dream” is to have or create something of their own, in a free and comfortable setting. That dream manifests itself in myriad ways, from starting a family, buying a home, pursuing education, chasing ambitious careers, or even a combination of a number of those goals. However, for entrepreneurs, their pursuit of the American dream is an ongoing, and sometimes uphill, battle.
According to the US Small Business Administration, there are more than 32 million small businesses as of the end of 2022, with about 22 percent failing within the first year.
With an economic environment that seems increasingly hostile for aspiring business owners, assistance for starting and keeping businesses afloat is paramount in ensuring growth in any given region.
Fortunately, there are many programs and organizations that aim to assist new entrepreneurs in achieving their dreams of ownership.
The Lynchburg Regional Business Alliance (LRBA), in conjunction with the Virginia Small Business Development Center (SBDC), is launching the Center
for Entrepreneurship.
The Center will be located in the Alliance’s 300 Lucado Place building and act as a dedicated space for the resources of the LRBA and the SBDC to assist entrepreneurs in various ways. The Center will encompass roughly 3000-square-feet of the building, according to Stephanie Keener, the Director of the Center for Entrepreneurship and Executive Director of the SBDC.
While the Center will not act as a coworking space, it will “create a modern training space for entrepreneurs including workstations, meeting spaces for mentors, computers, and other tools.”
“This is a great opportunity to strengthen the entrepreneurial ecosystem in our region. Bringing a lot of expertise and access to one centralized resource,” Keener said.
Before launching the Center for Entrepreneurship, Keener and her team researched other economic and entrepreneurial support organizations in cities close to Lynchburg.
“One of the first things the Center for Entrepreneurship is doing is mapping and understanding our entrepreneurial ecosystem,” Keener said.
The LRBA’s research concluded that the region had several identifiable needs that the Center for Entrepreneurship would commit to meet. These needs include: physical infrastructure to support entrepreneurial development, building connections and culture among regional entrepreneurs, increased marketing, education and training to strengthen local entrepreneurs, and increased access to capital.
Although research to improve the Center’s programming is ongoing, Keener says that the Center for Entrepreneurship has the opportunity to serve professionals in the region in ways the SBDC cannot.
“SBDC’s role is not to necessarily finish projects for businesses,” Keener said.
Due to its federal funding and commitment to confidentiality, Keener suggests that there are limits to what functions the SBDC can fulfill for entrepreneurs. In other words, the SBDC cannot invest in a business or connect them with investors.
“We see that as a gap in our community,” Keener explained. “One of the things that we’ve done as we’re introducing the Center for Entrepreneurship is make sure, particularly with our businesses that are in the growth phase, that they have the option for local mentors that can potentially invest in them and who can make connections with investment partners.”
While still in its infancy, the Center for Entrepreneurship has already enlisted 14 mentors, says Keener, and has already completed a pilot match between a mentor and a local entrepreneur.
There are no set criteria for entrepreneurs to enlist the aid of the Center. However, to become a mentor, Keener says that mentors should at least have time and willingness to volunteer, as well as some experience in a business-related field, such as accounting or as an attorney.
“We also need a myriad of industries who can be in that entrepreneurial space,” Keener said.
An application to become a mentor can be found on the Center for Entrepreneurship’s website. Currently, Keener seems to be optimistic about the state of the region’s economic climate, while still recognizing the areas of improvement that the Center can fulfill.
“Parts of our entrepreneurial ecosystem are booming, other parts can use some help and more connectivity. It’s a mixed bag right now,” Keener said.
She says that a better connection with the area’s STEM-related businesses is an important factor in enriching the region’s ecosystem.
Keener suggested that another element of enrichment for the region is the student base that local colleges and universities provide.
“We want students to stay here and enrich our region with their incredible creativity. One of our goals is to really make sure that the students are getting connected to what the possibilities for starting a business in our region are.”
Perhaps the most tangible tool for local entrepreneurs will be access to the LRBA’s 140 Fund, which is a revolving loan fund that acts as a “self-replenishing pool of money that uses interest and principal payments on past loans to issue new ones.”
Fundraising for the fund is still underway and donations to the 140 Fund can be sent through the Center’s website.
“By pouring into our region’s talented entrepreneurs, and giving them the tools they need, we project that this new program will create 42 new jobs and $400,000 of new capital investments for the Lynchburg region over the next several years,” said Megan Lucas, CEO & Chief Economic Development Officer of the Lynchburg Regional Business Alliance.
The physical space for the Center is set to be completed by the Summer of 2024, according to Keener. Further information about the Center for Entrepreneurship can be found at centerforentrepreneurshiplyh.org.
