Starting out can be overwhelming for a new business owner, with countless forms to fill out and expenses to be covered. Many seek guidance from an experienced mentor.
For Lauren Carter, director of the Small Business Development Center (SBDC) at Lincoln University in Jefferson City, it's a joy to lend her assistance.
Carter, who grew up in Chicago, moved to the area more than a decade ago to attend the university herself, earning her undergraduate and graduate degrees before serving in supervisory positions with the Missouri Department of Revenue and Department of Economic Development. Around four years into her tenure with business and community services within DED, she was asked to come on as director of the SBDC.
There, she works one-on-one with entrepreneurs and business owners across Cole, Miller, Moniteau and Osage counties. Whether they are just getting started or are ready to pass their business along after decades at the helm, SBDC provides assistance and resources for everything from budgeting and planning to marketing and building a web presence, as well as dozens of presentations a year.
With a limited staff, Carter said she takes on a lot of the center's duties herself. As such, she gets to watch small businesses grow and thrive on a more micro level.
They may not get the statewide attention of an international company coming to town or a sizable investment into their facilities, but the direct impact on the community and the new jobs created are just as exciting for her.
"When I worked for Economic Development, we worked with nothing but big businesses: Boeing and Tyson and Pepsi," Carter said. "But in this position, I get to work with small businesses. I get to help someone get capital for their new growth project, maybe they can finally afford a bigger facility or get to hire their first employee. Seeing that type of impact and the difference it makes not only for these business owners, but for their community, is so fulfilling."
Carter, who chairs the new Minority Business Council of Jefferson City in conjunction with her SBDC duties, said capital is one of the biggest obstacles for minority business owners. Many carry their businesses via credit cards and their own savings, further hindering their growth.
While there has been an influx in federal aid dollars available to small businesses amid the COVID-19 pandemic, she said many minority business owners weren't aware of the opportunity until it was too late, or they did not have access to accountants or other assistance to apply for the funding.
Bridging that gap is one of Carter's priorities in her position with both entities. The new council, which launched in the spring with support from LU, the Jefferson City Area Chamber of Commerce and numerous other community partners, offers resources, education and mentorship to help these business owners find success. Carter couldn't be prouder of the new effort.
"I always have the biggest smile on my face when I talk about the Minority Business Council. We didn't have anything like this, and for me to lead an SBDC located at an HBCU is just huge," she said. "It was right there in our faces that we needed some type of support network for minority business owners. And when we launched in April, the support that we received -- not only from the minority business owners and entrepreneurs in the area, but for the community.
"Basically, we're just here to support, empower and help grow minority businesses in the area. I'm happy the Jefferson City chamber is so supportive of us."
In talking about all of her roles and ideas from behind her desk at the SBDC, she again lit up at the mention of the students who would sit across from her and tell her about their plans and dreams.
"It always just makes me happy to see how creative students are. Oh my gosh, they are brilliant and so creative," she said. "All they need is a little support and guidance in the right direction. So it's really motivating just to see that. I know students aren't the only upcoming business leaders or upcoming entrepreneurs, but getting to see people in that initial stage where they're motivated and they're excited and they're in that creative stage -- there's nothing like it."
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In the accompanying video, Lincoln University Small Business Development Center Director Lauren Carter talks about the best part of her job.