Vermont Governor Jim Douglas

Speaking at the Burlington Rotary Club today, Governor Jim Douglas announced that clients of the Vermont Small Business Development Center (SBDC), a key business assistance program supported by the Department of Economic Development, created 2,210 jobs in 2003.

Governor Douglas said that small business growth is a key economic indicator for Vermont. “We’ve taken steps to strengthen our economy and help employers create more and better paying jobs, and I’m pleased to report that this is another indication that these policies are working,” he added. “Economic progress with small businesses is often measured one job at a time, which we tend to overlook. Yet, collectively small businesses have an extraordinary impact on our economy.”

Governor Douglas said other important indicators also show his economic development policies are working. For example, Vermont’s unemployment rate is more than 2 points lower than national average and 5th lowest in the nation, and the total number of jobs created in Vermont continues to out pace the national average.

The 2,210 employment opportunities resulted in an increase of nearly $62 million in personal income, and a return of approximately $2.5 million into Vermont’s coffers, helping to replenish Vermont’s rainy day fund, and contributing to two balanced budgets.

The jobs were reported as part of a report from Economic Policy & Resources Inc., and were based on the results of a recent survey of SBDC clients. The firm used the same econometric model used by the Vermont Economic Progress Council to determine the job and revenue impact estimates.

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Governor Douglas said the Department of Economic Development provides the SBDC with annual funding of $340,000 to provide business assistance on a statewide basis. “That equates to a 7 to 1 return on the state’s investment in the program, and is the kind of return on our money we like to see,” he said.

The SBDC, headquartered at Vermont Technical College, also receives funding from the U.S. Small Business Administration and space from the Vermont State Colleges. It employees ten business advisors located with the regional development corporations around the state. They provide free business counseling to business owners and entrepreneurs in areas such as business planning, access to capital, marketing, taxes, accounting and record keeping, regulatory compliance, and technology commercialization. The SBDC also provides affordable business training throughout the state through short-term seminars of eight hours or less.

For information on business assistance in Vermont call: 1 (800) 464-SBDC or go to the web at www.vtsbdc.org

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