555 jobs created and an additional 809 jobs retained in 2018
The data collected in this year’s Mountain BizWorks Local Business Impact Survey demonstrates the continual growth of clients and their contributions to thriving local economies. The survey results reflect responses from 257 unique entrepreneurs served by Mountain BizWorks during the past year with its small business lending and peer-learning programs. These local business owners started or expanded 175 businesses and created and retained a total of 1,364 jobs this year. These impacts of these businesses demonstrate the growing importance of local small businesses within the local economy.
Expanding economic opportunity
The impacts that our clients have over their communities can be seen through the number of jobs created and retained and businesses started and expanded. Many of these businesses have opened and created jobs due to receiving support from Mountain BizWorks.
In the past year, 555 jobs were created and an additional 809 jobs were retained. 69 new businesses were started and 106 existing businesses expanded.
To foster a thriving local economy, Mountain BizWorks helps individuals’ dreams become realities and current businesses in the region grow. The impact of Mountain BizWorks alumni was evaluated in four categories: income growth, evaluation of capital needs, increase in business revenue, and an increase in business profitability. Primarily, 47% of entrepreneurs indicated that they had seen a rise in income of 5% of more in the past year, a 6% increase from 2017. Of these 91, over 12 are from clients living in rural areas. Finally, 78% of business reported an increase in business revenue while 75% saw improved profitability of their business. This data indicates how clients are creating strong and lasting impacts on their communities.
In comparison with the survey conducted in 2017, almost 300 additional jobs were sustained and nearly 250 more were created this year. A similar increase was seen in the business outcomes, as 26 additional businesses were expanded and 10 more were created since last surveyed.
Equipping effective small business owners
In addition to providing tailored small business loans, Mountain BizWorks also offers a robust set of peer-led business coaching and training programs to help local business start, grow, and thrive. To assess the success of the current learning programs offered, clients were asked if their business knowledge had increased and if they gained valuable businesses connections. 89% of people responded saying yes to both of the questions. These numbers remain very consistent with last year’s responses demonstrating the continued relevance and resourcefulness of Mountain BizWorks’ learning programs.
Find success in your business this year with lending and learning services
The overall increases in percentages of people that indicate that Mountain BizWorks has added to the growth of their company since 2017 is a testament to the ongoing work of Mountain BizWorks and the strength of the learning and lending programs. Through Mountain BizWorks, clients received necessary capital, learned essential business skills, and expanded their networks.