Knoxville’s Tennessee Small Business Development Center and Pellissippi State Community College have been recognized for their excellence in facilitating working capital loans to small businesses.
The TSBDC and Pellissippi State recently received the Eagle Award from the U.S. Small Business Administration’s Tennessee District, in recognition of the TSBDC having the highest number of clients assisted with small business loans among all 14 regions within the TSBDC network. The Eagle Award launched in 2013; Pellissippi State’s TSBDC has won the award two of the past three years.
In 2015, TSBDC Knoxville directly assisted seven clients who obtained a cumulative total of more than $4 million in Small Business Administration loans. As reported by the small businesses receiving funding, a cumulative total of 13 jobs were created and 32 jobs retained as a result of the firms receiving SBA loans to finance their capital needs. Four businesses were started with the loans.
“Pellissippi State’s leadership is evident to identify sources of capital for small business owners” said Walter Perry, District Director of SBA’s Tennessee District Office. “And it is through their relationships with East Tennessee lenders that dollars are available to start or expand a small business.”
“Pellissippi State’s Small Business Development Center has always been committed to helping businesses in our community find the resources they need in order to be successful” said L. Anthony Wise Jr., president of Pellissippi State Community College. “This recognition by the Small Business Administration is an affirmation of that good work.”
The SBA guarantees small business loans and through a cooperative agreement with Pellissippi State and the TSBDC, provides counseling and training to small business owners. A key component of this assistance is helping small business owners acquire capital through SBA-guaranteed loans made by area lenders.
A number of small businesses benefited from this funding, including a veterinarian, winery, restaurant, retail store, transportation services firm, research and development firm and a temporary services agency. Participating East Tennessee lenders assisting Pellissippi State clients included Commercial Bank, Pathway Lending, Peoples Bank, Renaissance Bank and UT Federal Credit Union.
Pellissippi State’s Small Business Development Center serves Blount, Claiborne, Cocke, Jefferson, Knox, Sevier and Union counties. In 2015, it served 466 clients for a total of 2,135 counseling hours. The TSBDC helped 30 new businesses start up, create 183 new jobs and retain 1,280 jobs. The firms TSBDC aided went on to create more than $11 million in new capital investment into the local economy.
For more information about Pellissippi State’s Small Business Development Center, visit www.tsbdc.org or call 865-246-2663. For more information about Pellissippi State, visit www.pstcc.edu or call 865-694-6400.
Download this press release: TSBDC Eagle Award 2016