The Community Navigator initiative represents a cohesive framework for helping Arkansas small businesses respond to continuing challenges related to the COVID-19 pandemic, says ASBTDC State Director Laura Fine. Fine said ASBTDC will build on its long history of working collaboratively with community-based groups and organizations to assist businesses in every corner of the state. 鈥淲e want to make sure small businesses owned by women, minorities, veterans, rural entrepreneurs, and socially and economically disadvantaged individuals can easily access the assistance they need,鈥� she said. Through the Arkansas Small Business Community Navigator program, chambers of commerce, economic development organizations, non-profits, and municipalities can connect local business owners with听ASBTDC’s expertise in business development and one-on-one business consulting, along with other听critical services and funding听programs. The center will act as a hub for these entrepreneurial support and community organizations to ensure that all Arkansas small businesses have access to resources, information, and technical assistance to help weather the coronavirus crisis.

“This project will help ensure even the smallest businesses owners access relief funding and counseling. It鈥檚 our goal to get critical information and assistance to our underserved business owners and ensure we work collaboratively to help build a stronger, more inclusive, small business ecosystem,” said Edward Haddock, U.S. Small Business Administration Arkansas District director. 鈥淪BA is committed to bring together resources to increase access to capital, contracting, training, and assistance to all communities across Arkansas through the Community Navigator project.” The new American Rescue Plan Act provides additional funding for the popular Paycheck Protection Program, Economic Injury Disaster Loan, and EIDL Advance, as well as other targeted support for struggling small businesses, such as the Shuttered Venue Operators Grant and the Restaurant Revitalization Fund.

Through engagement at the grassroots level, Community Navigators will give businesses an avenue to access information about the programs as well as hands-on assistance to help them apply. Arkansas has nearly 250,000 small businesses, and less than a quarter of them received PPP funding in 2020. An analysis of the PPP and EIDL funds distributed in 2020 found that not all communities benefited equally from the programs. This disparity was underscored by the recent studies conducted by the听听and Winthrop Rockefeller Foundation. “ASBTDC is committed to ensuring that the Arkansas small businesses equitably receive the support they need to access federal relief programs that can help them weather the economic downturn caused by the coronavirus pandemic. The good news is that with the recently enacted American Rescue Plan Act, more funding has been provided for the PPP, EIDL, and EIDL Advance programs.听This along with the new Shuttered Venue Operators Grant and the Restaurant Revitalization Fund programs will allow Arkansas small businesses to access funding to stay afloat,鈥� Fine said. Known for its no-cost, one-on-one guidance to businesses, the ASBTDC network is the state鈥檚 largest small business assistance provider. In 2021, ASBTDC is adding four new regional offices in Fort Smith, Mountain Home, Pine Bluff, and West Memphis. During the pandemic, the center鈥檚 consultants have guided hundreds of businesses through the application process for PPP and other federal, state, and private relief funding opportunities, assisting them in securing $57.6 million in COVID-19 relief. Over the last 10 years, ASBTDC has helped clients obtain nearly $750 million in capital funding. 鈥淭he Arkansas Hospitality Association applauds the Arkansas Small Business and Technology Development Center鈥檚 effort to assist businesses in Arkansas to get funding from the recently passed American Rescue Plan Act which includes the Restaurant Revitalization Fund. It is going to take all of us working together to help Arkansas businesses get funding relief and to save our industry,鈥� said Montine McNulty, the association鈥檚 CEO. Organizations wishing to serve as a Small Business Community Navigator should complete the interest form at听听or contact ASBTDC’s Whitney Horton at听wahorton@ualr.edu听or (501) 804-5421. ASBTDC assists startups, existing businesses, expanding businesses and innovation-based businesses statewide. For more information, visit听听or call the center鈥檚 toll-free Infoline at (800) 862-2040.

Sales growth was 67.1 percent higher for client businesses compared to the average business in the state, the study found.

Clients with established businesses had total sales of $374.9 million and an average increase of almost $1.2 million for the year, while clients who started businesses recorded total sales of $22 million and average sales of $68,495.

Client businesses also secured $183 million in loans and other capital financing with the center鈥檚 help last year.

The study by Dr. James Chrisman calculated changes in client businesses’ sales and employment data from the year they received assistance to the following year, then compared the results with the average changes for all Arkansas businesses during the same time period.

Clients who received five or more hours of consulting in 2018 were asked about sales and employment changes in 2019, financing obtained, and their opinion of ASBTDC services. According to Chrisman鈥檚 analysis, the businesses produced $80.66 in new capital for every dollar expended on the ASBTDC. Clients generated a return of $12.82 for every dollar invested in the ASBTDC program, the study concluded. Prospective and current business owners receive consulting and access to a range of resources at no cost through the center鈥檚 statewide network of offices. The University of Arkansas at Little Rock and six other state universities fund the program, in partnership with the U.S. Small Business Administration. 鈥淭hanks to our team of professionals across the state, we are able to ensure that the investment provided by our funding partners continues to generate strong economic impact for the state of Arkansas,鈥� said Laura Fine, state director. Client businesses also excelled in another important economic measure: jobs. Employment growth among ASBTDC clients was 39 percent, compared to 0.8 percent for the average Arkansas business last year. Businesses said they added 3,147 jobs and retained another 3,588 existing jobs, thanks to the center鈥檚 assistance. The study also found that the center helped businesses generate $19.3 million in state tax revenues and $5.4 million in federal tax revenues in 2019. While the study period was pre-pandemic, Fine says the results are relevant because they demonstrate the value of the center鈥檚 in-depth consulting services to individual businesses as well as to local communities and the state. The university-based program has consulted with more than 2,800 prospective and current business owners in 2020. 鈥淭his year marks ASBTDC鈥檚 40th year of service to Arkansas entrepreneurs and small businesses. As we celebrate this milestone, I am proud of our past accomplishments and our work this year helping small businesses through the pandemic,鈥� she said. 鈥淥ur sights are set on helping the next generation of entrepreneurs and small businesses achieve their dreams, which will in turn strengthen and grow our local and state economies.鈥� Unique among the state鈥檚 economic development organizations, ASBTDC services are available to businesses from any county in Arkansas, in any industry sector, at any stage of development. Due to the pandemic, service delivery is fully virtual. To learn more, visit听. Chrisman, the study鈥檚 author, is an independent consultant based in Starkville, Mississippi.