Staff Mail

Microenterprise Assistance

Brenda Mallette-Glennon
Chief Financial Officer
 

ComLinks’ Microenterprise Assistance program encourages and supports low- and moderate-income residents of Franklin County interested in becoming entrepreneurs, and/or existing business owners of microenterprises with five or fewer employees. Launched in 2000 with a $530,000 grant from the Governor’s Office for Small Cities, the Program assists emerging and existing entrepreneurs in three ways.

1. Entrepreneurship Training is a 36-hour curriculum held once a week for ten weeks at Paul Smith’s College. Classroom instruction, conducted by PSC’s Business and Adjunct Professors covers the entire business planning process—from budgeting and marketing to insurance and taxes.
    
2. Individualized Technical Assistance provided by business consultants, one-on-one, is available to graduates of the Entrepreneurship Training program. Consultants provide expertise in all aspects of small business ownership. Hands-on support and advice assist the entrepreneur in developing a formal business plan for an existing or proposed venture.
    
3. The Microenterprise Loan Fund—Seed Capital Program is designed to complement the training and business development aspects, providing financing for appropriate business ventures. Loans of up to $25,000 may be used for working capital, equipment, renovations and inventory, with rates and terms determined on a case-by-case basis.

To date, ComLinks has over 73 graduates of business development training, with 48 people continuing on and receiving Technical Assistance. Ten loans totaling $225,000 were awarded between November 1, 2001 and January 31, 2003, an average of $22,000+ per loan. As a result of ComLinks’ Microenterprise Assistance Program, 24 full-time and 11 part-time jobs have been created, with 74 full-time jobs retained in Franklin County.

(Case Study)

Making Lives Better - Every Day!

In 1997 a family began manufacturing custom molding, shelving and cabinets. Realizing there was opportunity in kitchen manufacturing, the business expanded four months later and again in 2000.

In March 2001, the owner realized he needed business training, assistance and financing to continue to grow the business. He applied and was accepted into ComLinks’ Microenterprise Assistance Program.

Following successful completion of the 11-week training curriculum, he was awarded a loan in early 2002 to finance the building of a much-needed kitchen and bath showroom. He also utilized the program’s technical assistance for accounting, marketing and some post-loan legal assistance. His employee base has grown from 0 to 4 full-time staff, with a projected addition of 2–3 full-time staff over the next three years.

Future plans include the purchase of the rented premises and incorporation. The Microenterprise Program provided a foundation for success and future growth for this small manufacturer.