State Details Small Business Impact

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The Indiana Office of Small Business and Entrepreneurship says there were more than 200 new business starts last year in Indiana. The office also says the state's small business sector created nearly 1,400 jobs and generated more than $111 million in investments in 2014.

March 11, 2015

News Release

Indianapolis, Ind. -- Lt. Governor Sue Ellspermann has released the 2014 performance results for the Indiana Office of Small Business and Entrepreneurship (OSBE), its ten Small Business Development Centers (ISBDC) and the Procurement and Technical Assistance Centers (PTAC) located throughout the Hoosier state.

In June 2013, the State established OSBE as a stand-alone agency within the Office of the Lt. Governor to align efforts in supporting small businesses and entrepreneurs, which for Indiana, create 64% of new private-sector jobs and employ 49% of the private-sector workforce. As tools to successfully support and expand such a large part of the workforce, the ISBDCs serve as regional assets for Indiana entrepreneurs and are the entry point into all services provided through OSBE. Often housed with their ISBDC counterparts, the PTAC staff assists businesses interested in contracting to provide goods or services to federal, state and local government agencies.

"When Governor Pence and I came into office, we recognized the need for a separate agency to serve as the state resource for all small businesses in every stage of development," stated Lt. Governor Ellspermann. "In a short time, the Office of Small Business and Entrepreneurship has become an invaluable asset to Indiana assisting in the creation of nearly 1,600 full time jobs in 2014. The team plays an integral part in the Hoosier state leading the way nationally for small business growth and development."

The ten Indiana Small Business Development Centers support the formation, growth and sustainability of Indiana's small businesses by providing entrepreneurs expert guidance and access to a network of resources. Funding for the regional ISBDCs comes from the U.S. Small Business Administration, the State of Indiana, state universities, chambers of commerce, economic development offices, mayor offices and banks.

"The success for OSBE is measured by the effectiveness of programs under its management and its ability to bridge entrepreneurs with organizations engaged in supporting Indiana's small businesses," said OSBE State Director Jacob Schpok. "For 2014, the ISBDCs produced great successes in their numbers and accomplishments. We can confidently report every dollar invested in the ISBDC helped generate $31 in new capital for the clients; a 31 times return on investment."

2014 ISBDC Numbers:

Total investments in small businesses: $111,375,246

One on one counseling hours: 16,205

New business starts: 215

Fulltime Employee jobs created: 1,393

2014 PTAC Assistance:

$81.8 million in federal government contracts

Representing an 861% increase from 2013

Indiana Small Business Statistics:

# of small businesses: 144,000

Small businesses employing 1 to 4 people: 72,000

# of Hoosiers employed by small businesses: 2.1 million

Annual revenue generated: $129 billion

23,000 startups employ 82,000 people

About OSBE

Under the leadership of Lt. Governor Sue Ellspermann, the Indiana Office of Small Business and Entrepreneurship (OSBE) oversees the Indiana Small Business Development Center (ISBDC), the Procurement Technical Assistance Center (PTAC) and the Indiana Small Business Ombudsman. The OSBE staff helps grow the Indiana economy by assisting entrepreneurs and small businesses through programs and personal consultation. For more information on OSBE and to see how Indiana is "the state that works" for entrepreneurs visit www.osbe.in.gov.

About the ISBDC

The ten Indiana Small Business Development Centers (ISBDC) support the formation, growth, and sustainability of Indiana's small businesses by providing entrepreneurs expert guidance and access to a network of resources. Funding for the regional ISBDCs comes from state universities, chambers of commerce, economic development offices, mayor offices, and banks. Statewide financial support is provided by U.S. Small Business Administration, the State of Indiana and Ivy Tech Community College. Administratively, the ISBDC Lead Center is operated by the Office of Small Business and Entrepreneurship (OSBE), an agency of the Office of Lt. Governor Sue Ellspermann. To learn more about the ISBDC and to become a client visit: www.isbdc.org.

About PTAC

The Indiana Procurement Technical Assistance Center (PTAC) is a part of the Indiana Office of Small Business and Entrepreneurship and serves to generate employment and improve the general economic condition of the state by assisting Indiana companies including those eligible for preferential consideration in obtaining and performing under local, state and federal government contracts. PTAC does this by providing procurement technical assistance to help sell products or services to the appropriate government agency by offering confidential counseling at no cost. For more information, visit www.IndianaPTAC.com.

Source: Indiana Office of Small Business and Entrepreneurship