Strategic Priority 4 | Grow Small Business

Supporting small businesses is crucial. The Greater Richmond Small Business Development Center (GRSBDC) provides in-depth quality counseling, education, and information services to the small business community in partnership with local, regional and national resources. Over the past five years GRSBDC has helped 5,000 businesses comprised of 35% women-owned and 39% minority-owned; 400 training events with more than 4,500 participants and 12,000 hours of individual counseling. Further development of these programs, plus initiatives to help small businesses succeed and extend their reach globally are among the programs planned.

Goal

• Successfully sustain and grow the region’s significant small business sector.

Programs

• Create state-of-the-art programs and services using technology assisted by a virtual "help desk" with availability on a 24/7 basis for small businesses and entrepreneurs.

• Expand the one-on-one counseling program by 30% providing critical advice and direction to entrepreneurs and existing business owners.

• Expand Small Business Development Center service offerings to small businesses that are already, or plan to, become involved in global commerce.

• Enhance and expand programs and services that will grow the region’s small businesses and gazelle firms.

• Provide business training and counseling service on a full-time basis in each local jurisdiction by collaborating with local economic development offices.

• Create an International Service Support Center to assist small businesses in expanding their international market outreach by collaborating with the Virginia Asian American Chamber, Virginia Hispanic Chamber, the Metropolitan Business League and local international business support companies and organizations.

• Work with selected partners to increase the seed capital available to new entrepreneurs.

• Partner to assist a greater number of new and existing businesses to succeed through enhanced technology utilizing the internet.

• Be responsive and proactive to the changing needs of small businesses.

• Prepare minority businesses for state and federal government contracts through an initiative with the Virginia Department of Transportation Business Opportunity and Workforce Development Center (VDOT-BOWD).