Arlington small business owners will soon have access to a nationwide entrepreneurial service.
The city and the Arlington Economic Development Corporation (AEDC) has partnered with the nonprofit mentorship program Service Corp of Retired Executives (SCORE) in conjunction with the Small Business Administration.
AEDC reached out to business owners wanting to see what they would need out of a program like SCORE.
“We were extremely hands on and collaborative with our Arlington Economic Development Corporation board,” said Economic Development Specialist Jasmine Amo.
“In which we met with individuals one on one, and we worked to develop one, the application for the cohort, in addition to quantitative metrics, to gauge the program’s effectiveness with the businesses in it,” Amo said.
Arlington’s Cohort Partnership with SCORE will allow entrepreneurs to receive training and mentorship throughout a six-month period.
As of now, up to 18 small business owners may be selected to enter the program and attend six monthly workshops where trainers will provide information for “creative marketing, scaling a business plan, overviewing financial management practices, and brand development.”
During an afternoon work session late last month, city council was optimistic about this resource, especially considering the $12,000 price tag that will come out of Arlington’s general fund.
“While I do think there is a de minimis cost associated with one of the programs, I think that even if we hit on two or three of these businesses, the amount of employment they will create and the amount of growth they will generate for Arlington will be completely worth whatever we are putting into it,” Councilmember Andrew Piel said.
City Manager Trey Yelverton said the $12,000 is a very modest investment for small business development.
“The more we can offer small business, the better,” Yelverton said.
Councilmember Barbara Odom-Wesley did express concern over a potential overlap with an existing partnership with Prosperity Bank and Arlington. But Yelverton answered Odom-Wesley’s concerns, seeing the prospect of multiple choices as a net positive for small business owners.
In an interview with KERA, Odom-Wesley remained concerned about possible overlap. But the councilmember remained enthusiastic about SCORE, pending some further discussions.
“We have to be frugal with our city resources and with tax dollars,” Odom-Wesley said. “I had been involved with the Masterclass for Prosperity Bank, and I was not seeing the difference between the two. But they have tweaked it and there is going to be some difference.”
Marty Wieder, executive director of the Economic Development Corporation, believes that SCORE’s mentorship will result in retention and growth of Arlington businesses.
“I think these conversations are going to lend themselves to them, opening doors to something that might keep them from ending up in the ditch and avoiding problems with their business,” said Wieder. “That’s an attractive differentiator, we think, for this program.”
Odom-Wesley, along with the rest of the city council, unanimously voted May 28 in favor of SCORE.
Applicants must meet certain requirements to participate in the program.
The applicant must own or co-own a for-profit business within Arlington city limits. The business must be at least two years old with a minimum revenue of at least $75,000 for the last two years. Lastly, selected business owners are required to attend at least three of the six scheduled meetings.
The city is currently taking applications for the program until June 28 though the city’s website.
Emmanuel Rivas Valenzuela is KERA’s summer 2024 SPJ news intern. Got a tip? Email Emmanuel Rivas Valenzuela at erivas@kera.org.