Skip navigation

University of Southern Mississippi Small Business Development Center Thriving

Tue, 09/01/2015 - 10:50am | By: Van Arnold

To say the Small Business Development Center at The University of Southern Mississippi has performed successfully this year would be akin to saying Brett Favre enjoyed a decent NFL career. Major understatements on both accounts.

As of late-August the SBDC has completed 18 Business Series 101 workshops, with an average attendance of 10 aspiring entrepreneurs. Numbers through July show the SBDC at USM has helped generate:

  • More than 100 clients served
  • $1,076,845 in Pine Belt area capital infusion
  • $1,393,384 in Pine Belt loans submitted
  • 5 official loans approved
  • 6 official business started
  • 23 jobs officially created

The SBDC, which opened in January of this year at USM's Trent Lott Center, is designed to assist small businesses and entrepreneurs with education and training opportunities for development of business plans and concepts. In addition, trained professionals at the center help clients secure small business loans for their ventures.

“Having a Small Business Development Center at USM is at the core of services we need to provide for helping grow new jobs in Hattiesburg and surrounding areas,” said Dr. Shannon Campbell, director of the Trent Lott Center. “We encourage people to start their own business or convert their innovative ideas into new products or services, and we can provide guidance and technical advice to get them to the next step.” 

The University created its Small Business Development Center through a partnership with the Small Business Administration, the Mississippi Small Business Development Center Network, the University of Mississippi, the Trent Lott National Center, and the College of Business at USM. The MSBDC includes nine basic service centers throughout the state.

MSBDC Southern Regional Director Mitch McDowell points out that one of the foremost missions of the center is to facilitate clients' access to capital. This is achieved by assisting clients with loan pack preparation (business plans, financial projections, and loan applications) and helping them identify and professionally approach potential sources of capital (banks, credit unions, investors, family members, and owner injection).

“Capital infusion is one of the primary mechanisms by which the USM Small Business Development Center assists the Pine Belt to start businesses, create jobs, and generate tax revenue,” said McDowell.

Rita Mitchell serves as a counselor for the USM center which hosts the Business Series 101 workshops for budding entrepreneurs. The workshops are designed to teach the basic fundamentals necessary to start a successful small business.

“Subsequent one-on-one counseling sessions shape and determine if the client's business model is viable, sustainable, and adequately funded,” said Mitchell. “Analyzing these factors is necessary for helping launch a profitable venture.”

The USM Small Business Development Center offers, at no cost to clients, the following services:

  • In-depth counseling assistance to ensure more successful startups of new enterprises and to strengthen existing firms.
  • Business plans and loan packaging assistance.
  • Small business workshops/seminars.
  • Assistance to minorities, women, veterans, the handicapped, exporters, inventors, research and innovation and international trade.
  • Referral system linking other small business assistance organizations in the SBDC regional locations.
  • Interaction program between Mississippi educational institutions, businesses, and government.

Dr. Faye Gilbert, dean of the College of Business at Southern Miss, marvels at the success rate of the SBDC and the economic impact it has brought to the Pine Belt area in barely eight months of operation.

“With more than $1 million in capital infusion, that means that business owners received the help they needed to submit successful loan packages,” said Gilbert. “They started new organizations and hired people for jobs in this area. This is Southern Miss, and we have a legacy of partnership with our region. The SBDC is continuing that great tradition.”

To learn more about the USM Small Business Development Center, call 601.266.5507 or visit: https://www.usm.edu/trent-lott-national-center/usm-small-business-development-center