Florida SBDC Network State Director Sheds Light on Small Business in Florida’s Bottom Line

FSBDCN State Office: The latest issue of CFO Atwater’s Florida’s Bottom Line focuses its lens on small business. The issue features Michael Myhre, CEO and Network State Director for the Florida SBDC Network, discussing the network and the top issues facing small businesses today.
Florida'sBottomLine

“The Florida SBDC’s most recent survey of nearly 20,000 entrepreneurs and small business owners revealed that the top three issues facing Florida’s small businesses are access to capital, development and expansion of markets and revenues, and access to business intelligence and advisors,” commented Myhre. “…To help businesses overcome these challenges, the Florida SBDC Network employs certified and credentialed specialists in these areas. As a result, in 2013 the Florida SBDC Network helped its client businesses gain access to nearly $200 million in investment capital and generate $5.5 billion in revenues, including new revenues in international markets.”

Michael Myhre

Michael Myhre

When asked what the FSBDC can do for small businesses, Myhre explained that individuals may be unaware of the level of service available.

“Most people may be familiar with their local SBDC office; however, what they may not be familiar with is the depth and breadth of professional expertise available,” he said. “No matter if a business has been in existence for a hundred years, or is just starting out, the Florida SBDC Network has the right tools and specialized expertise to help them achieve business success.”

Florida’s Bottom Line is the quarterly newsletter of the Florida Department of Financial Services that provides information on the status of Florida’s financial health and future economic outlook.

“Small businesses are the backbone of Florida’s economy, which is why we are focused on cultivating an environment where they can continue to thrive,” said State of Florida Chief Financial Officer Jeff Atwater.  “Florida is home to 2.3 million small businesses which constitute nearly 99 percent of our state’s employers. These businesses are truly the heart of Florida’s economic lifeblood, employing one-in-every three working Floridians and creating nearly two-thirds of net new private sector jobs statewide.”

Designated as “Florida’s provider of small business assistance,” the Florida SBDC Network provides tools, strategies, and expertise to help small businesses grow and succeed.

About the FSBDC Network

For over 35 years, the Florida SBDC Network has nourished a statewide partnership between higher education and economic development organizations, dedicated to providing emerging and established business owners with management and technical assistance, enabling overall growth and increased profitability for the businesses and economic prosperity for the state.

In 2012, the Florida SBDCs served approximately 38,000 entrepreneurs and small business owners through consulting and training, resulting in 47,845 jobs created, retained and saved at a significantly low cost of $112 per job; $6.3 billion in sales growth; $235.2 million in capital accessed; $588.4 million in government contract awards; and 744 new businesses started. For every $1 of Florida public and private sector investment in the FSBDC program, $40 was returned to the state in tax revenue.

A statewide service network of 40 centers with 60 outreach locations, the Florida SBDC Network is funded in part by the U.S. Small Business Administration, Defense Logistics Agency, State of Florida, and other private and public partners, with the University of West Florida serving as the Network’s designated lead host institution. The Florida SBDC Network is state designated as Florida’s principal provider of business assistance and is nationally accredited by the Association of SBDCs.

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