ALLIANCES FORMED TO HELP KY DBEs SUCCEED

SCORE Counselors and Spalding University Support the

Entrepreneurial Development Institute

 

The KY DBE Program's efforts on the Bridges Project include assessing the preparedness of firms seeking work on the project. That assessment process includes one-on-one meetings with the DBE Program Manager, the online 360° Business AssessmentT and other outreach activities aimed at understanding the resources needed to help the DBEs.

 

The Ohio River Bridges Project's Entrepreneurial Development Institute (EDI) chose FastTrac programs from the Kauffman Foundation for Entrepreneurship.  These FastTrac programs for certified Kentucky DBEs are designed to deliver hands-on, strategic business development education to certified firms.

 

The FastTrac programs are focused solely on existing businesses and help entrepreneurs hone their business skills to manage the growth that may be necessary to compete for work on the project. In order to effectively assist DBEs, a coordination of resources is necessary.

 

GrowthVenture is a comprehensive 10-week program that leads business owners and managers through a business plan development process, which helps determine the changes needed to improve performance and the actions necessary to grow the business.

 

The current GrowthVenture program, which began on Jan. 15, includes several DBEs who received scholarships provided by KYTC and the Ohio River Bridges Project. In addition to the intense 3-hour weekly programs, DBEs are provided with information about SCORE Existing Business Counselors (EBC) and the services they offer.

 

SCORE Counselors provide expert speakers throughout the 10-week course and long-term mentoring and coaching to all participants.  SCORE EBC has committed to participating directly with the EDI GrowthVenture program through 2008.

 

"SCORE's mentoring programs dovetail perfectly with the content provided in FastTrac GrowthVenture," said Joe Hatfield, president of SCORE-Louisville. "We chose to participate in the EDI's FastTrac programs for one major reason - we want to reach out to the minority business community and help increase the success and sustainability of their firms."

 

SCORE-Louisville Chapter 75 counselors are both retired and active business people.  The counselors draw from their own business experiences to help small business owners make the decisions necessary to grow their business or find solutions to their business needs.

 

"We hope that by being involved with certified DBEs, we can also draw more minority and women business owners as volunteer counselors and better reflect the community we serve," added Mr. Hatfield.

 

The current GrowthVenture program will end on March 18 and the next program will begin on May 15. The next 10-week program will be held at McKendree University in Louisville. McKendree University sponsors FastTrac GrowthVenture by providing classroom space for many EDI programs.

 

The KY DBE Program Manager will continue to build programs for KY DBEs and work with the community to coordinate resources that meet the needs of the DBE community.