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CBI Announces Powerful Economic Development Partnership

Published 01-08-04

Submitted by Cincinnati Business Incubator, Inc.

Cincinnati, Ohio - The Cincinnati Business Incubator (CBI) and the University of Cincinnati's Small Business Development Center (SBDC) announced the signing of a memorandum of understanding that will significantly improve the level of business management assistance provided to small business owners in the greater Cincinnati region.

Under the agreement, CBI clients will be able to take advantage of the staff of certified business analysts at SBDC who bring with them many years of experience in business planning, management, accounting and marketing. CBI clients are assured of receiving professional and expert consultation as they build their small business. In return, SBDC will introduce and promote CBI services to those clients that would benefit from incubation services, including access to below-market office space rental rates in the downtown Cincinnati area.

"Small businesses face many challenges, especially during the early stages of development," noted SBDC Director Bill Fioretti. "Comprehensive one-on-one management consulting for small businesses is offered at no charge through our center. The SBDC welcomes the CBI small business entrepreneurs and is committed to providing them with high quality and confidential management consultation".

SBDC does not make loans, however the center does have information about financial resources. The SBDC will help clients identify the appropriate financial resources and assist with the preparation of their loan information and business plan. The SBDC has been providing business management consultation since 1982.

CBI Clients Create Jobs in Cincinnati
"CBI has grown significantly in the past year. We now have 29 clients with 2003 sales over $3.3 million," said CBI President, Wayne Hicks. "These companies created or retained 99 jobs in 2003. CBI realized that we needed to add the muscle of the certified business analysts from SBDC if we were to sustain the current level of activity into 2004. It is encouraging to see organizations like CBI and SBDC reaching out in a collaborative and mutually beneficial way. We hope that we can be a positive example of the power of partnership in our city." CBI is partially funded by the City of Cincinnati's Community Development Department and the Small Business Administration.

Under this agreement CBI will actively promote the SBDC First-Stop Resource Center to ensure that is actively utilized by all entrepreneurs in the Cincinnati area, particularly women and people of color.

Empowers Women- and Minority-Owned Businesses
CBI is the only local business incubator that focuses on the needs of small businesses located in the Empowerment Zone. CBI is a dynamic, self-empowering organization created to help people help themselves, particularly those women and people of color who own a small business or are considering taking the entrepreneurial plunge.

No other incubator shares our focus, to help women and minorities open a business and run it successfully within Cincinnati's urban neighborhoods. The environment and the challenges are unique. The solutions aren't magic. They emanate from experience. Give us a call and see how we can help you as well.

About UC's Small Business Development Center
Comprehensive management consultation for your small business is available on a one-on-one basis through the Ohio Small Business Development Center (SBDC) at the University of Cincinnati. The SBDC provides management assistance to current and prospective small business owners. The SBDC offers one-stop assistance to small businesses by providing a wide variety of information and guidance. Areas of assistance include business start-up, business plan development, financial analysis and forecasting, marketing and sales planning, sources of financing and more. The SBDC is committed to providing high quality, confidential and effective consultation, all at no charge. The Ohio SBDC at the University of Cincinnati serves both Hamilton and Warren counties.

Company Website: http://www.sbdc.uc.edu

Cincinnati Business Incubator
CBI, since opening in 1989, remains the only business incubator in Ohio that focuses on the needs of small minority-owned and women-owned businesses. We provide access to targeted tax incentives, loans and business programs all within a supportive and friendly business environment. CBI prides itself on the ability to help small businesses learn how to triple their chances of success. We are recognized for the constant, hands-on business counseling provided to each of our resident & affiliate client companies. The goal of incubation is to produce successful graduates that are financially viable, freestanding businesses when they leave the incubator. CBI has graduated 34 businesses including Infrastructure Services Inc., a company owned by renowned author Dr. Melvin Gravely.

Company Website: http://www.cbincubator.org

Cincinnati Business Incubator, Inc.

Cincinnati Business Incubator, Inc.

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