Office of Economic Development & Competitiveness
- Issuer
- Congressional materials
- Document type
- 2024 12 12 A32281 D274372 Department Of Commerce Washington S One Stop Shop For Small
- Date
- 2024-12-12
- Case
- 2024 12 12 A32281 D274372 Department Of Commerce Washington S One Stop Shop For Small
Summary
A slide presentation dated 12/2024 from the Office of Economic Development & Competitiveness (OEDC) of the Washington State Department of Commerce, presented by its assistant director. It describes OEDC as the state's one stop shop for small business support, international trade and economic development, and lists six areas: Small Business Finance Services, the Small Business Training & Education Center, Small Business Export Assistance, the Small Business Resiliency Network (SBRN), business recruitment, retention and expansion, and the Industry Sector Development Program. A trade slide for 2023-24 reports $348 million in sales, 898 assisted cases, 385 unique companies and 1,486 jobs supported. A loan slide reports 640 applications, $10 million requested and a $16,000 average loan size. Closing slides list partner organizations and a goal to pursue federal funding.
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Cite this document
“Office of Economic Development & Competitiveness.”
Original at app.leg.wa.gov, dated 2024-12-12. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-12-12-2024-12-12-a32281-d274372-department-of-commerce-washington-s-one-stop-shop-for-small/
, SHA-256 c71d3664269a52e9e88913081f9a252d64490a5e14a24f5e95689e28dc986823.Full text
Office of Economic Development & Competitiveness
Grace Yoo
ASSISTANT DIRECTOR
12/2024
Commerce: We strengthen communities
WASHINGTON STATE DEPARTMENT OF COMMERCE 2
OEDC …
is Washington’s “one stop shop” for small business support, international
trade, and economic development.
Our work today shapes the state’s economy for decades to come.
WASHINGTON STATE DEPARTMENT OF COMMERCE 3
• Small businesses are the primary drivers of the economy.
• We live in the most trade-dependent state in the U.S.
• Washington’s economic growth is fueled by our innovation
economy.
WASHINGTON STATE DEPARTMENT OF COMMERCE 4
Programs & Services Industry Sector Development Program Operations
Maritime &
Small ICT Aerospace Supply
Small Business Chain Contracts &
Business Finance Procurement
Training Services
& Education Ag Tech &
& Community Life Creative
Forest
Support Sciences Economy
Products
Budget
Business Clean Tech Military Circular
Small / Energy Defense Economy
Business Development
Export Recruitment
Assistance Expansion
Attraction Comms &
Innovation Marketing
Workforce
Clusters
WASHINGTON STATE DEPARTMENT OF COMMERCE 5
Our strategy
Small businesses are the Innovation has been the
primary drivers of the foundation of the state’s
economy and given the economic growth for
support they need, can more than a century. New
create living-wage jobs investments in specific
and provide upward high-growth sectors will
mobility to people who continue to pay dividends
have been historically to the state for decades
marginalized. to come.
WASHINGTON STATE DEPARTMENT OF COMMERCE 6
WASHINGTON STATE DEPARTMENT OF COMMERCE 7
‘One stop shop’ for small biz support
1. Small Business Finance Services
2. Small Business Training & Education Center – MyStartup365.com
3. Small Business Export Assistance
4. Small Business Resiliency Network (SBRN)
5. Business recruitment, retention, expansion
6. Industry Sector Development Program
WASHINGTON STATE DEPARTMENT OF COMMERCE 9
1. Small Business Finance Services
Access to capital through innovative loan programs and technical assistance to become
funding-ready. The unit works with partners throughout the state to reach and serve
historically marginalized businesses and communities.
Core activities:
• State Small Business Credit
Initiative (SSBCI)
• Credit Readiness Support
• Increase lending capacity for CDFIs
(HB 1015)
• Employee Ownership Program (EOP)
• Technical Assistance
WASHINGTON STATE DEPARTMENT OF COMMERCE 10
2. Small Business Training & Education Center
MyStartup365.com supports the needs of small businesses (less than 100 employees) with
programs and services designed to help them move through the various stages of the
business lifecycle, from ideation through exit strategy.
Core activities:
• Small business academies
• Decision-making tools
• Mentorship and peer networks
• Vetted resources
• One-on-one consulting
• Disaster planning tools
WASHINGTON STATE DEPARTMENT OF COMMERCE 11
Thrive! success story
“After completing OEDC’s second-stage
program Thrive!, we grew our topline revenue
by over 30%, which is really a good result.
What is even more impressive is that we grew
our bottom line profit by over 900%.”
Rick Fowles, CEO of Scratch & Peck
WASHINGTON STATE DEPARTMENT OF COMMERCE 12
3. Small
Helps Washington companies engage in successful international trade strategies through a
range of support services and programs that help business enter and expand in key markets,
increase sales revenue and create living wage jobs.
Core activities:
• International trade shows
• State Trade Export Program vouchers
• Trade missions
• Business matchmaking
• Market intelligence
• Advocacy
• Risk mitigation
WASHINGTON STATE DEPARTMENT OF COMMERCE 13
Trade activity (2023-24)
$348 million 898 assisted 385 unique 1,486 jobs
sales cases companies supported
Top Export Markets
WASHINGTON STATE DEPARTMENT OF COMMERCE 14
WASHINGTON STATE DEPARTMENT OF COMMERCE 15
SBRN serves businesses in 180+ Washington cities
The Crepe House
Wenatchee
Lopez Family Farm
Mount Vernon
D&T Nails Amen Ethiopian Cafe
Tacoma Spokane Valley
WASHINGTON STATE DEPARTMENT OF COMMERCE 16
+
% ACCESS SAVINGS ACCT EQUAL
TO LOAN AMOUNT
$500 TO $25K 12 to 30 MINIMUM OF WHEN LOAN IS PAID OFF
LOANS 4% INTEREST MONTH TERMS 12 PAYMENTS
• 640 applications submitted
• $10 million requested
• $16,000 average loan size
17
WASHINGTON STATE DEPARTMENT OF COMMERCE 17
5. Business
Works with local economic development organizations, site selectors, corporate decision-
makers, and investors to site, relocate and expand business operations throughout
Washington. The unit also assists with infrastructure and permitting issues, workforce
development, site selection and incentives.
Core activities:
• Recruitment
• Retention
• Expansion
• Foreign direct investment
• Strategic reserve fund
• Evergreen manufacturing grants
• Industrial site readiness
• CE project of statewide significance
WASHINGTON STATE DEPARTMENT OF COMMERCE 18
Industry sector development experts work closely with the governor, legislators, industry and
other leaders to forge and promote public-private partnerships, enhance the workforce for the
21st century in targeted, high-growth industries, and advance broad stroke strategies that
support small business growth and expansion statewide.
Industry development sectors:
Advanced Manufacturing Forest Products
Aviation & Aerospace Life Science/Global health
Agriculture/Food Manufacturing Maritime
Clean Technology Military/Defense
Creative Economy Tourism
Information and Communication Technology
WASHINGTON STATE DEPARTMENT OF COMMERCE 19
Programs & Services Industry Sector Development Program Operations
Maritime &
Small ICT Aerospace Supply
Small Business Chain Contracts &
Business Finance Procurement
Training Services
& Education Ag Tech &
& Community Life Creative
Forest
Support Sciences Economy
Products
Budget
Business Clean Tech Military Circular
Small / Energy Defense Economy
Business Development
Export Recruitment
Assistance Expansion
Attraction Comms &
Innovation Marketing
Workforce
Clusters
WASHINGTON STATE DEPARTMENT OF COMMERCE 20
SBA
Other Commerce
ADOs Divisions
SBDCs
Chambers
Other State
SCORE Offices WEDA
OEDC Agencies New Players
Non-Profits WSMA
The Unknowns
Ports
Philanthropy MBDA
Foundations SBRN City/County
ED Offices
CDFIs
WASHINGTON STATE DEPARTMENT OF COMMERCE 21
WASHINGTON STATE DEPARTMENT OF COMMERCE 22
Pursue federal funding
WASHINGTON STATE DEPARTMENT OF COMMERCE 23
www.commerce.wa.gov
Grace Yoo Dave Pringle
ASSISTANT DIRECTOR LEGISLATIVE DIRECTOR
OFFICE OF ECONOMIC DEVELOPMENT & COMPETITIVENESS
Grace.Yoo@commerce.wa.gov Dave.Pringle@commerce.wa.gov
File and source
- File
- 2024-12-12_a32281_d274372_department-of-commerce-washington-s-one-stop-shop-for-small-.pdf
- Size
- 2,116,480 bytes
- SHA-256
- c71d3664269a52e9e88913081f9a252d64490a5e14a24f5e95689e28dc986823
- Original
- app.leg.wa.gov