Greater Dallas Hispanic Chamber Awarded $240,000 From SBA
The U.S. Small Business Administration (SBA) announced today that the Greater Dallas Hispanic Chamber of Commerce is one of seven new communities through SBA’s ScaleUp America. This initiative helps existing businesses grow and scale, strengthening local entrepreneurial ecosystems around the specific needs of growth-minded entrepreneurs to produce measurable economic impact in local communities.
“Starting a business is tough; growing a business is even tougher,” said SBA Administrator Maria Contreras-Sweet. “The SBA’s ScaleUp America program offers high potential entrepreneurs the training, support and networks they need to get to scale, enabling them to create three out of every four net new jobs. Small business hiring is the backbone of job growth, and ScaleUp is yet one more way the SBA is working to help entrepreneurs propel our economy forward.”
The Greater Dallas Hispanic Chamber of Commerce is focused on assisting small businesses in the Dallas/Fort Worth Metroplex, specifically, Dallas, Tarrant, Collin and Denton Counties. This organization is awarded a base year award of $240,000.00 and a total potential value of contract with option years: $1,200,000.00.
“I am very proud the Greater Dallas Hispanic Chamber of Commerce has been selected to receive SBA’s ScaleUp America funds to better serve our small businesses in the Dallas/Fort Worth market,” said South Central Regional Administrator Yolanda Garcia Olivarez. “I am confident that their leadership with this initiative will provide the needed support to help small businesses in underserved communities expand and succeed.”
The largest metropolitan area in the South, the Dallas/Fort Worth area does not have the level of entrepreneurship among the historically underrepresented and underserved communities to match their population, according to the Greater Dallas Hispanic Chamber of Commerce. Their program seeks to remedy this gap by offering a continuum model for business acceleration for underserved and underrepresented businesses by serving ScaleUp eligible businesses. Each participating small business will undergo an intake process, including a four-hour interactive workshop, SWOT analysis and readiness assessment, before participating in 10 intensive workshops and receiving market research, CEO Exchange, mentors, matchmaking and one-on-one technical assistance.
“We are excited to have been chosen as one of the new SBA’s ScaleUp America communities. This initiative will allow more small businesses to grow and create jobs within the greater Dallas area” said Herbert Austin, Dallas/Fort Worth District Director.
ScaleUp America focuses on inclusive entrepreneurship, which means ensuring that innovators from underserved and underrepresented communities receive the necessary support to help them expand. While women and minorities represent a fast-growing segment of the entrepreneurial population, their businesses tend to be smaller both in revenue and number of employees. These entrepreneurs frequently lack access to growth capital, sufficient business networks and management support required to grow a business.
The seven new ScaleUp communities represent a diverse range of geographic areas and organizations. From urban to rural, the successful applicants focused on filling the gap in services for growth-oriented small businesses with average annual revenues of $150,000 to $500,000.
The SBA’s funding will be provided to each ScaleUp community’s organizing entity to strengthen opportunities for small businesses within the community. The funds will be used to offer a comprehensive program, including delivering four key components: (1) a proven entrepreneurship education curriculum for growth-oriented entrepreneurs and small businesses; (2) ongoing, one-on-one support, mentoring and technical assistance; (3) assistance and connections to growth capital; and (4) opportunities to build and strengthen connections and networks in their community.
The other six new Scale-Up awardees are:
The Enterprise Center, Community of focus: Greater Philadelphia region, Pennsylvania
Nashville Area Chamber of Commerce, Community of focus: Middle Tennessee (14 counties of the Nashville Metropolitan Statistical Area)
Startup Junkie Consulting, Community of focus: Ozark Mountains region (nine-county region covering Northwest Arkansas, Northeast Oklahoma and Southwest Missouri)
Supply Chain Vistas, Community of focus: North Central Pennsylvania (six counties of Lycoming, Sullivan, Clinton, Montour, Tioga and Bedford)
Thurston Economic Development Council Business Resource Center, Community of focus: Thurston County, Washington
The University of Texas – Pan American, Community of focus: McAllen-Edinburg-Mission Metropolitan Statistical Area, Texas
These seven communities will build upon the success and lessons learned from the eight, inaugural ScaleUp communities named last year, located in Aurora, Illinois; Central Ohio; the Kansas City Metropolitan Statistical Area; the Jacksonville, Florida Metropolitan Statistical Area; Roanoke, Virginia; Tucson, Arizona; and Western North Carolina.