HomeMy WebLinkAboutCAO-08-003 - Waterloo Regional Small Business Centre 2007 Update
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Report To: Financial & Corporate Service Committee
Date of Meeting: February 4, 2008
Submitted By: Kathy Weiss, Director Business Development/Manager Small
Business Centre
Prepared By: Kathy Weiss, Director Business Development/Manager Small
Business Centre
Wards}Involved: All Wards
Date of Report: January 15, 2008
Report No.: CAO 08-003
Subject: SBC 2007 Update
RECOMMENDATION:
That the final instalment of the City of Kitchener's portion of the 2:1 ratio for core funding be
added to the 2008 Operating Budget for the Waterloo Region Small Business Centre.
BACKGROUND:
The Waterloo Region Small Business Centre WRSBC) is part of the Province of Ontario's
Small Business Enterprise Centre Network and serves small business clients from pre-startup
through five years of business. The WRSBC provides information, advice and consultation on a
variety of issues to small business owners and individuals wishing to start a business. The
WRSBC core funding is provided by the Province of Ontario, the Region of Waterloo and the
cities of Kitchener, Cambridge and Waterloo.
A funding model was developed as part of a three-year strategic plan and was presented to the
public sector funding partners in 2004. The funding levels for the three municipalities are based on a
2 (Kitchener) to 1 (Cambridge, Waterloo) per capita funding ratio formula. In 2005, Kitchener council
approved an increase in their cash contribution to $50,000 in accordance with the three year strategic
plan with the intent of finalizing the 2:1 ratio of $75,000 in 2007. Diligent fiscal and operations
management reduced the deficit substantially by 2005 year end and as a result the request for
funding in 2006 remained at 2005 levels (see chart below). In 2007, using a reasonable approach to
the funding request, SBC Board of Advisors proposed the additional $25,000 be staged over 2 years
at $12,5000 in 2007 and $12,500 in 2008.
Funding
Partner 2004 2005 2006 2007 2008
proposed
Kitchener $113,000 $137,500 $137,500 $157,000 $170,000
Cash $25,000 $50,000 $50,000 $62,500 $75,000
In-kind $87,800 $87,800 $87,800 $95,000 $95,000
Waterloo $35,000 $60,000 $75,000 $77,012 $85,000
Cash $35,000 $60,000 $52,362 $6,021 $12,453
In-kind $22,638 $70,991 $72,547
Cambridge $64,000 $77, 500 $77,500 $85,000 $85,000
Cash $11,750 $17,000 $17,000 $17,000
In-kind $64,000 $65,750 $65,750 $68,000 $68,000
Region of
Waterloo $50,000 $47,000 $45,000 $46,350 50,000
Province of
Ontario $60,000 $65,000 $70,000 $75,000 $85,000
Private
Sector
Sponsorship $6,500 $12,500 $14,000 $21,500 $25,000
Total Cash 66,610 246,250 248,362 228,371 264,453
Totalln-kind 186,800 153,550 176,188 233,991 235,547
Tota I
Contribution
253,410
399,800
424,550
462,362
500,000
In order to continue to reach the objectives of increasing our client base, services and programs
we now require the final installation of the funding ratio level originally outlined in our 2004-2006
Strategic Plan.
The revenue used to pay down the deficit will now be absorbed into up-to-date marketing
materials and the implementation of an ongoing marketing strategy as well as to continue the
funding of the additional FTE whose role is to increase awareness through outreach activities,
generate private sector sponsorship both for events and general revenue, as well as aback-up
resource for the satellite offices so those respective locations do not have to close in the
absence of the Small Business Advisors.
REPORT:
In 2007, the Waterloo Region Small Business Centre assisted approximately 14,464 aspiring
entrepreneurs X12,547 in 2006} by providing small business information and guidance, a
resource library, Internet usage for business purposes, as well as one-on-one consultations for
business planning and market research. This represented a 15% increase.
Kitchener - 8663 Cambridge - 4100 Waterloo -1701
The Centre also hosts an Ontario Business Connects registration workstation that enables
sole proprietorships, partnerships and trade names to be registered with the Province for a cost
of $60. During the past year, approximately 2076 business registrations were completed at the
Centre's workstations.
Kitchener -1526 Cambridge - 550
Seminars and workshops are held throughout the year dealing in topics such as business
start-up, planning, market research, cash flow, sales projections, e-commerce, legal aspects of
entrepreneurship and many more. During 2007, approximately 81 seminars/workshops were
held in which 1072 people attended resulting in $23,460 in revenue for the SBC. In comparison
to 2006 which saw 71 seminars/workshops with 911 people in attendance generating $17,240,
programming revenue in this category increased by 36%.
In 2007 the Centre introduced the first annual fundraiser event for the SBC called Inspiring
Women -The Experience. The professional and personal development day for local women
provided an opportunity to network, listen to six motivational speakers and enjoy a keynote
address from Dini Petty. Attendance exceeded our expectations with 325 women participating
from the Waterloo Region. Planning is underway for 2008 with aspirations of recruiting an
elevated female keynote speaker. TBD.
New programming was developed in 2007 that supported New Canadians. In partnership with
YMCA an Immigrant Mentorship program was developed that brought local successful business
immigrants to mentor New Canadians. 11 local entrepreneurs were recruited by the SBC and
currently participate as mentors.
A 5 week program with 10 essential modules was set up with a series of modules that each
participant would learn step by step on how to write a business plan and at the end of the
program they had a competed document ready to take to the bank. This program will be offered
to the broader community in March 2008.
Each year the Centre facilitates two youth entrepreneurship programs: The Business Plan
Competition and Summer Company. The Business Plan Competition is open to any full-time
high school student aged 15-20 who has an interest in business planning. Kyle Hazel from
Bluevale Collegiate Institute earned top prize for the area in 2007, winning $500 and a free cell
phone with service for a year for his proposed e-cafe and laundromat. Kyle's plan proceeded to
receive runner-up status in the Regional competition, taking home an additional $750.
Summer Company enables students ages 15-29 to operate their businesses from May to
September. Students who are accepted into the program receive an award up to $1500 at the
beginning for start-up costs and up to $1500 at the conclusion of the program. Students also
receive training from the Centre and mentoring from individuals in the business community.
Twelve successful applicants completed the program in 2007.
The Small Business Centre in Cambridge also hosts four Small Business Information Nights
jointly with the Economic Development department throughout the year. These Info Nights, held
at the Cambridge Centre Mallon Hespeler Road, are well attended and growing in popularity.
Staff is available at the Community Booth from 3:00 p.m. to 9 p.m. to provide small business
information and brochures. Investigation is underway for a similar initiative with Fairview Park
Mall and Conestoga Mall.
As a result of a focused sponsorship recruitment strategy, on-going outreach initiatives and
programming successes, sponsorship support from the private sector has increased in 2007 in
both general revenues and programming. New companies such as Josslin Insurance, BDO
Dunwoody, Staples, Argyle Financial, Rogers, Sorbara Law, RBC and Clarica have
demonstrated their confidence in the SBC through a cash or in-kind contribution. In comparison
to 2004, this represents a 230% increase.
Moving forward in 2008, the SBC in support of Culture Plan II and the Economic Development
Strategy will be hosting a one day conference that will deliver training specifically aimed at small
businesses in cultural industries aimed at Artists starting or growing their businesses. This
event will be held at Kitchener City Hall on Saturday, April 19 and is in partnership with MSBE,
cities of Cambridge and Waterloo, the working Centre and the Arts Council.
The overall baseline funding from the City of Kitchener will contribute to covering salaries of the
existing 4 staff and administration expenses. Securing this baseline funding from public sector
partners will continue to provide stability in the operations of the WRSBC and allow for improved
services offered to entrepreneurs and small business throughout the Waterloo Region.
FINANCIAL IMPLICATIONS:
$12,500 from 2008 Operating Budget
COMMUNICATIONS:
N/A
CONCLUSION:
The draft 2007 financial statements and 2008 budget are attached. The Waterloo Region Small
Business Centre appreciates the ongoing support of the City of Kitchener and looks forward to
continuing this very strong relationship.
Kathy Weiss
Director Business Development/
Manager Small Business Centre
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