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City of VenturaBusiness Assistance & Enhancement Program
November 15, 2010
Sid White, Economic Development ManagerCity of Ventura
Bruce Stenslie, President/CEOEconomic Development Collaborative
Ventura County
Business Development Programs
Business Enhancement Program (BEP) Free and Confidential assistance for businesses
(w/ EDC-VC, SBDC, SCORE, WEV, WIB) One-on-one consulting Technical assistance Agency referrals
Business Assistance Loan Program (BAP) Provides up to $125,000 in low-interest loans
($250,000 w/ EDC-VC) Commercial Rehabilitation Code Compliance Business Development
Business expansion & growth Increase business profitability Create new jobs
Turnaround assistance for small businesses in crisis Keep business in business Retain jobs, avoid layoffs
Business Start-up, Entrepreneurship
One-on-One Professional Consultation Bench of Experts
Confidential Service
No Cost for Services
Business Enhancement Overview
BEP Marketing
• Business License List
• Ventura Magazine
• Community Councils
• DVO/P Newsletter
• Ask the Director
• Word of Mouth
• Face to Face
Current Downtown Business Outreach Activity
Direct, personal visits to 80 select downtown business owners
In response to “what we heard” -- organizing a Downtown Business Workshop with DVO/P focusing on “Social Media” Marketing for Holidays.
Professional, no cost, confidential follow-up consultation with approximately 25 businesses
EDC-VC and Small Business Development Center/SBA resources, and/or referral to other expertise, and/or Loan Program Officer.
Business Enhancement Forums
• Multiple sponsors, Chamber Partnership
• Over 140 business attendees
• Direct follow- up with more than 35 businesses
• Better than a 4.5 positive rating on a 1 - 5 scale
• Scheduling next for after first of year
Business Enhancement Forums
Program Partners
• Economic Development Collaborative-Ventura County
• Small Business Development Center Network and SBA
• Ventura Chamber of Commerce, Local & Regional Banks
• SCORE, Women’s Economic Ventures
• Workforce Investment Board of Ventura County and Ventura County Job & Career Centers
• Ventura County Community College District
• California Manufacturing Technology Consulting
• Ventura County Regional Energy Alliance
• Southern California Edison & The Gas Company
Business AssistanceLoan Program
Improve Business Access to Capital for: Small Business/Micro-Enterprise Development Commercial Rehabilitation Code Compliance
Overcome Barriers to Entrepreneurship
Provide a Pool of Capital for Direct Lending when Commercial Credit is Unavailable
Connect Businesses to Other EDC-VC Loan Funds & Lenders, SBA Programs, Leverages Bank & Owners’ Equity
Aligned with Economic Development Strategies
Business Assistance Loan Program History
Program Inception in Years 1999/2000 $600,000 Commercial Rehab Loan Fund
Downtown Redevelopment and Westside Revitalization Areas (added Midtown in 2002)
$330,000 Code Compliance Loan Fund Citywide
$250,000 +/- Community Development Block Grant (CDBG) “Annual” Allocation
Working Capital Micro-Loan Program
BAP Marketing
• Business License List
• Ventura Magazine
• Community Councils
• DVO/P Newsletter
• Ask the Director
• Word of Mouth
• Face to Face
Business Loan Program Performance
Since Program’s Inception in Year 2000 48 Business Entities Assisted 78 Loans Issued Over 145 Jobs Retained Over 160 Jobs Created ($15,574 per job created)
Total Loans Funded: $2,491,862 Defaults & Loan Losses: $268,303 Default Ratio: 10.77% (SBA 13-15%) Total Loan Pool Performance, Including Interest
Earned on Loans, Is Positive, “Principal Intact”…
EDC-VC Partnership & Role
Full-time professional loan officer, loan recommendations approved by a bank-professional led loan board
Focus on client’s business plan & city’s policy objective to create at least one job per $25,000 loaned
Loan review process includes extensive, professional business development assistance
Rigorous credit standards, though more flexible than commercial credit Three years of financial statements or projections Collateral includes business assets, personal guarantees,
UCC-1 filing
Diversity of Loan Recipients
Of the 47 loan recipients, primary concentration in Downtown Redevelopment Area
Outside Downtown, recipients include manufacturers, others with high wage jobs
Recipients include: restaurants & hospitality industry professional & technical services retailers & wholesalers information technology
Next Steps
Continue targeted outreach; free, confidential, professional assistance
Downtown Business Workshop Specific Topic Workshops Major Forum in early 2011-
partnership focus
Continue evaluation/tie-in lending priorities with City’s ED Strategy
Balance “quality of life” service businesses, high value/wage industries…retain existing jobs, too!
Increasingly seek out innovation & entrepreneurship
For Additional Information
Sid White, ED Manager – CD Dept. [email protected]
805-654-7819
Bruce Stenslie, [email protected]
805-384-1800, ext 24