NWT SBDC at TTU helps small businesses toward second round of economic recovery funds

Local News

Randy Burch, Associate Managing Director of Texas Tech University’s Northwest Texas Small Business Development Center, interviewed on KLBK Bright & Early about how they are helping area businesses through the pandemic.

Last fiscal year, NWT SBDC helped entrepreneurs secure more than $100 million dollars in loans and equity over the past fiscal year, which concluded Sept. 30. These capital funds were used by businesses to create and save 5,155 jobs this year in 95-county areas served by NWT SBDC Centers — Lubbock, Abilene, Amarillo, Midland/Odessa, Stephenville and Wichita Falls.

“Many people do not realize the impact the NWT SBDC has on the local economy,” said Judy Wilhelm, executive director of the NWT SBDC. “We help small businesses in starting and expanding their business. The record $100 million of capital put into the hands of business owners would not have been possible without our staff, who tirelessly worked in person, over phone, by email and virtually over the fiscal year.

“We typically assist clients in securing between $30 million and $50 million a year, but $100 million is a record and more than three times our goal for the region set by the U.S. Small Business Administration (SBA),” said Randy Burch.

District Director Calvin Davis with the West Texas District Office of the SBA, said, “Congratulations, NWT SBDC, for your extraordinary efforts in supporting small businesses all year, especially during the COVID-19 recovery surge period. The more than $100 million in capital infusion you helped Northwest Texas small businesses attain, plus the creation and retention of 5,155 jobs, has been phenomenal. On behalf of SBA, allow me to thank you for your stellar efforts and for continuing to be an invaluable partner and a key component to growing and developing small businesses throughout West Texas.”

In addition to the 5,155 jobs created and saved, an additional 9,510 employees were supported by NWT SBDC by providing technical assistance to area businesses. The region saw a record number of more than 3,600 clients this past fiscal year.

They have recently hosted a series of webinars to help small businesses navigate the latest round of economic recovery funds, and plan to host another in the coming days. It is scheduled for Tuesday January 19 at 2 p.m., to help small businesses understand the Stimulus Act. Participants should register in advance for the meeting via this Zoom link. After registering, participants will receive a confirmation email containing information about joining the meeting.

You can reach out to NWT SBDC, by calling (806) 745-3973 or emailing nwtsbdc@ttu.edu.

NWT SBDC also has information on its website, www.nwtsbdc.org, about Economic Injury Disaster Loans (EIDL) and the CARES Act through the SBA.

(Press release provided by NWT SBDC.)

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