DePauw launches programs to support Greencastle small businesses
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DePauw University is partnering with the city of Greencastle and the Indiana Small Business Development Center to launch a series of programs aimed at fostering entrepreneurial growth and sustaining growth among existing businesses in the city.
The New Business Cohort, Existing Business Cohort, and Small Business Grant Program were announced this month in recognition of National Main Street Day.
Dionne Jackson, vice president for institutional equity at DePauw, said the goal of the programs is to cultivate a thriving business ecosystem in Greencastle.
“We really want…to make sure we have a thriving downtown business landscape,” Jackson said. “I’m also a board member of Main Street Greencastle, and I was very aware of the needs that exist within our downtown community, the educational needs, the financial support that businesses were saying that they needed.”
Jackson said the educational needs among business owners is one of the key issues the partners hope to address with the new programs.
“Many of our businesses have expressed that they want help with a business plan. They want to think about their revenue and the roadblocks that they’re experiencing with generating revenue in the ways that would sustain their business,” she said. “Some are having difficulties with technicalities like using social media effectively to market their business or thinking about using platforms like QuickBooks and others to manage the business side of their organization.”
The Existing Business Cohort is a three-month program that will focus on assessing the strengths, weaknesses, opportunities, and threats of businesses. Members will engage in targeted programming designed to enhance those areas and receive valuable feedback from fellow business owners aimed at helping them refine their processes and drive growth.
The New Business Cohort is a six-month program designed to guide entrepreneurs through starting and sustaining a successful business. DePauw said members will learn how to create a lean business model, conduct market research, and successfully launch their venture.
The cohort will also cover branding, social media presence, expanding customer base, and important legal matters associated with owning a business.
The participants in the cohorts will then have the opportunity to secure funding through the Small Business Grant Program. New businesses can receive up to $25,000 and existing businesses can receive up to $50,000 to cover costs, including rent assistance, branding, equipment upgrades, expanding operations, and interior or exterior improvements.
Jackson said since the announcement of the launch of the programs, more than two dozen businesses have signed up.
“Since the launch, what we’re hearing is excitement around the opportunity to really have an investment into their work,” she said. “And for us as an institution, for DePauw University, it’s really this excitement around connecting community with university and thinking about the ways that not only now but in the future we can better support our community for it to thrive.”
The programs are part of the Growing Green and Gold Together initiative between DePauw and the city of Greencastle that was established last year through a $32 million grant from Indianapolis-based Lilly Endowment Inc.
Part of that effort includes Seminary Square, a mixed-use district development designed to connect DePauw’s campus to downtown Greencastle with 120 residential units, as well as commercial space.
Jackson said supporting the city’s business ecosystem is a key element to supporting that development.