Lincoln University announced this week it will open a Small Business Development Center in conjunction with the Missouri Small Business and Technology Development Centers on its south campus in Jefferson City.
The Missouri Small Business and Technology Development Centers are part of the University of Missouri Business Extension Development Program. LU's Small Business Development Center (SBDC) will be the second in Jefferson City, in addition to the existing SBDC at MU Extension's Cole County office.
LU will house its SBDC on its south campus at Lorenzo Greene Hall, located at 900 Leslie Blvd.
"Lincoln University's Small Business Development Center will contribute to the growth of Missouri's economy by improving the competitiveness of small businesses through education, technical assistance and coaching," said LU President Kevin Rome during a ribbon-cutting event for the center on Friday. "It will also provide an opportunity for Lincoln University students, faculty and staff to launch businesses in this community."
A future extension of Lincoln's SBDC is right across the street. The university recently purchased the Leslie Plaza at 911-917 Leslie Blvd., across from Lorenzo Greene Hall, with the hopes of eventually leasing vacant commercial spaces to start-up businesses.
"If someone has an idea, we'll have space for rent. The goal is for us to develop this plaza," Rome said. "There are some vacancies over here, and we don't want them to sit. There are some current businesses over there, so I think there will be some opportunities."
The center will provide assistance from startup to growth to maturity and succession and will serve entrepreneurs on the LU campus as well as in the Jefferson City community, according to a news release.
"One thing I've identified for small businesses is that many of them start with an idea; however, they have problems carrying them through," said LU business professor Andria Hendricks, who will also be the center's director. "So one of the benefits of working with the Small Business Development Center is that it will help you think of the entire process so that you can be successful."
The Lincoln SBDC will offer training courses including QuickBooks, Kauffman FastTrac and management classes, as well as aid in the small business funding process.
"We have lenders at the SBDC that will be able to provide lending opportunities to the non-traditional borrower. So if they can't get a loan through a typical bank because they don't have any assets or collateral, we do have some lenders that will assist with just a good business plan," Hendricks said. "The SBDC on the Lincoln University campus will be that one-stop shop."
Hendricks said Lincoln's SBDC will work in collaboration with the Cole County Extension center, with the two providing services "complementary to one another" and focusing on different areas. She noted her strengths include financial advising, social media and management.
"The importance of having it at Lincoln University is to be able to provide it to the students as well as to the community," she added. "In efforts to assist the students, in efforts to assist the community, in efforts to assist the small businesses, I know that we will be a pillar."