UAlbany Students Help Bring Capital and Jobs to Region

Contact: Lisa James Goldsberry (518) 437-4980

ALBANY, N.Y. (March 11, 2004) -- University at Albany students have helped Capital Region small businesses access millions of dollars in capital and saved or created more than 100 jobs. UAlbany's Small Business Development Center (SBDC), one of 23 regional business assistance centers that counsel small businesses, has compiled data that supports the University's successful efforts to link students to the small business community.

During the last three years, UAlbany's student interns have collaborated on SBDC client cases that have yielded $3,018,220 in capital access, while 66 jobs were created and 88 jobs were saved.

UAlbany students have teamed with Center business advisors to co-counsel 307 small businesses in developing business plans, marketing plans, and financial projections. The business sectors represented in the client base include software developers, clothing manufacturers, a business incubator, landscapers, and restaurants.

"Most of the students are studying in the School of Business and find immediate applications for class curriculum," said Bill Brigham, director of the UAlbany SBDC. "In one instance I asked a student if she could create a cash flow statement for a client. Her accounting course had covered it and she proceeded to complete the financial statements from start to finish. Another student helped a small business with marketing advice because his family owns the same type of business in New York City."

Students working at the Center come through the University's Public and Community Service Program (PCSP) and Project Renaissance. The PCSP presents students with the opportunity to get involved in the community at local non-for-profit organizations for course credit. Project Renaissance is a yearlong program that offers selected elements of a small-college atmosphere -- as it introduces first-year students to the University.

Sophomore Erica Nehrbass said, "While interning at the Small Business Development Center, I began to formulate ideas for myself as a future business entrepreneur. Participating in client meetings taught me what it takes to be a successful businesswoman. The SBDC program truly prepares aspiring business students to become instrumental parts of today's business world. I am done with the course, but I still volunteer weekly."

The Small Business Development Center at UAlbany works one-on-one, in a confidential setting, with small business owners to help them expand an existing business by exploring avenues for funding, marketing, and management. With emerging companies, the counselors work with new entrepreneurs to help them successfully start a business. The SBDC provides these services at no cost to clients.

Since its establishment in 1984 the UAlbany SBDC, has worked with more than 13,000 Capital District entrepreneurs, helping them invest $126,000,000 in the local economy.