In the spirit of civic responsibility, the Worcester Business Development Corporation was established to serve as an innovative and leading force in the economic development of the City of Worcester and the region, expanding the tax base through the creation and promotion of employment opportunities, while assisting in the development and growth of business and industry. Grounded in a tradition of economic development accomplishment, the WBDC has played a key role in strengthening the Worcester region’s position as an economic leader in Massachusetts. Through targeted investment and strategic partnering, the WBDC brings skills and resources to challenging and complex projects.
The WBDC has been successful in its purpose, creating thousands of jobs, and generating millions of dollars in annual taxes to the region. It has created and maintained good relationships in each community that it has worked, caring as much for what happens in the community as those who live and work there.
The WBDC brought together all of our hosts for this event due to their shared mission to produce jobs. Small businesses are the fastest growing sector of job producing industries. SBA and economic development are of growing interest to municipalities, manufacturers, small businesses, banks, and academic institutions. With less local aid, stricter standards for lending, and more competition for grants, bringing these entities together in one venue with impactful sessions will help New England States, particularly Massachusetts, get an edge on programs and therefore, more results.
The Northeastern Economic Developers Association, the leading economic development organization in the northeast, provides education, resources, advocacy, and networking opportunities for its members. Since its founding in 1956, NEDA has promoted professional economic and industrial development throughout the Northeastern United States, enabling our members to strengthen their local and regional economies and enhance overall quality of life.
NEDA champions effective, innovative economic development practice, and is the Northeast’s strongest professional resource for economic developers. Through NEDA membership, economic development practitioners, officials, and volunteer leaders develop and perfect their development tools, network with others in the field, and partner regionally to do the work of economic development.
The Massachusetts Economic Development Council (MEDC) is the professional association of economic development practitioners serving the Commonwealth of Massachusetts. Established in 1963, the Council provides an opportunity for professional development through Council Committees, programs, and has as its primary objective the promotion and development of the economic welfare of the Commonwealth of Massachusetts through industrial and economic development.
The National Association of Development Companies (NADCO) is the trade association of SBA Certified Development Companies (CDCs) and other lenders delivering SBA loans and financing for small businesses. NADCO was founded in 1981 as 501(c)(6) corporation chartered in the District of Columbia. NADCO’s mission is to promote, enhance and educate the industry of SBA CDC’s.
Through its board of directors and Washington-based staff, NADCO works closely with the Small Business Administration to ensure the broadest possible access to capital by America’s small business. More than 97% of all SBA 504 financing is provided by NADCO members. In addition to CDC’s, membership also includes over 240 bank and non-bank lenders, attorneys, and other service providers. Thanks to NADCO’s support, the 504 REAL program’s loan authority has grown from under $400 million in 1991 to $7.5 billion in FY 2011. In 2012, the industry delivered $6 billion in small business loans to nearly 10,000 businesses.
With more than 2,300 members, the Worcester Regional Chamber is the largest in New England and represents the City of Worcester and five affiliate chambers and covering 35 cities and towns. The Chamber focuses on economic development, public policy, member services, and other activities that contribute to a vibrant business climate. The Chamber’s mission of recruit, retain, and incubate aims to bring new businesses to the region, retain existing businesses, and nurture those in emerging sectors. The Central Mass Business Expo is the Chamber’s annual trade show featuring exhibitors from a variety of industries. Events throughout the day include networking opportunities, motivational speakers, and educational seminars for more than 2,000 exhibitors and attendees. For more information on the Chamber or the Expo, visit: www.worcesterchamber.org and www.centralmassbusinessexpo.com.
Senator Elizabeth Warren
Elizabeth Warren, a fearless consumer advocate who has made her life’s work the fight for middle class families, was elected to the United States Senate on November 6, 2012, by the people of Massachusetts Elizabeth is recognized as one of the nation’s top experts on bankruptcy and the financial pressures facing middle class families, and the Boston Globe has called her “the plainspoken voice of people getting crushed by so many predatory lenders and under regulated banks.”
She is widely credited for the original thinking, political courage, and relentless persistence that led to the creation of the Consumer Financial Protection Bureau. President Obama asked her to set up the new agency to hold Wall Street banks and other financial institutions accountable, and to protect consumers from financial tricks and traps often hidden in mortgages, credit cards and other financial products.
In the aftermath of the 2008 financial crisis, Warren served as Chair of the Congressional Oversight Panel for the Troubled Asset Relief Program (TARP). Her independent and tireless efforts to protect taxpayers, to hold Wall Street accountable, and to ensure tough oversight of both the Bush and Obama Administrations won praise from both sides of the aisle. The Boston Globe named Elizabeth Warren Bostonian of the Year and TIME Magazine called her a “New Sheriff of Wall Street” for her oversight efforts.
Congressman James McGovern
Since his election in 1996, Congressman Jim McGovern has been widely recognized as a tenacious advocate for his district, a tireless crusader for change, and an unrivaled supporter for social justice and fundamental human rights.
Currently serving his ninth term in Congress, McGovern serves as the second ranking Democrat on the powerful House Rules Committee, which sets the terms for debate and amendments on most legislation; and a member of the House Agriculture Committee. In those roles, McGovern has secured millions of dollars in federal grants and assistance for Massachusetts. McGovern is also co-chair of both the Tom Lantos Human Rights Commission and the House Hunger Caucus. He also serves as Co-Chair of the Northeast Midwest Congressional Coalition.
Over the past 16 years, McGovern has consistently delivered millions of dollars for jobs, vital local and regional projects, small businesses, public safety, regional and mass transportation projects, and affordable housing around Massachusetts.
SBA Training Track and SBA Awards Luncheon Host
SBA Training Track and SBA Awards Luncheon are the subject of a cosponsorship with the WBDC.
Since its founding on July 30, 1953, the U.S. Small Business Administration has delivered millions of loans, loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses. SBA provides assistance primarily through its four programmatic functions:
ACCESS TO CAPITAL (Business Financing): SBA provides small businesses with an array of financing for small businesses from the smallest needs in micro lending – to substantial debt and equity investment capital (venture capital).
ENTREPRENEURIAL DEVELOPMENT (Education, Information, Technical Assistance & Training): SBA provides free individual face-to face and internet counseling for small businesses and low-cost training to nascent entrepreneurs and established small businesses in over 1,800 locations throughout the United States and US territories.
GOVERNMENT CONTRACTING (Federal Procurement): In keeping with the mandate of Section 15(g) of the Small Business Act, SBA’s Office of Government Contracting sets goals with other federal departments and agencies to reach the statutory goal of 23 percent in prime contract dollars to small businesses. This office also provides small businesses with subcontracting procurement opportunities, outreach programs, and training.
ADVOCACY (Voice for Small Business): Created in 1978, this Office reviews Congressional legislation and testifies on behalf of small business. It also assesses the impact of the regulatory burden on behalf of small businesses. Additionally, it conducts a vast array of research on American small businesses and the small business environment. The Chief Counsel of this office is appointed by the President of the United States.
Cosponsorship Authorization #14-0101-108. SBA’s participation in this cosponsored activity is not an endorsement of the views, opinions, products or services of any cosponsor or other person or entity. All SBA programs and services are extended to the public on a non-discriminatory basis.