Falls business centre gets $200K
The Niagara Falls Small Business Enterprise Centre will receive $200,000 from the provincial government to operate a Starter Company Plus program for the next two years.
It’s part of an agreement between the Ministry of Economic Development and Growth and the City of Niagara Falls, which operates the centre on Queen Street, across from city hall.
The plus program builds on the Starter Company program, and will provide new and existing businesses with access to training, mentoring and an opportunity to obtain grant funding to start or expand their businesses.
The agreement will last until March 31, 2019.
“We’re glad to see that it’s been extended for another couple years for the Niagara Falls office,” said Serge Felicetti, the city’s director of business development.
“The first year of any business is crucial for getting into the market and launched, so having some funding to get support … I think is a very positive thing.”
Felicetti said the city has to report back to the province on how the centre is doing, and the continued funding proves the program has been successful.
The city promotes the centre as a one-stop shop for information and advice for those looking to start a business.
The centre offers free and confidential consultations by appointment to discuss the business idea and assist the entrepreneur in the development of a business plan.
The centre can guide entrepreneurs through any registration and licencing requirements, and help answer any business-related questions.
Felicetti said businesses that have gone through the program “very much appreciate” the support.
“There’s also assistance with marketing plans. We have mentoring programs where they get to spend time with lawyers and the banks when they’re trying to get financing, so all that type of support is very much appreciated.”
Michael Warchala, a small business consultant with the centre, said 29 businesses started through the initial Starter Company program and received grants to help them get started.
“There was a whole slew of others that came in for training and mentoring,” he said, adding about 56 jobs were created out of the initial program.
Warchala said one of the main differences between Starter Company and Starter Company Plus is that the initial program was dedicated to young entrepreneurs between the ages of 18 and 29.
He said it was part of the province’s youth jobs strategy, whereas the Starter Company Plus program has no age restriction.
Warchala said small businesses are the “backbone” of the economy.
“They can react to innovative change really quickly, so giving them that first start, giving them the training and the experience from mentors from many different fields, whether they’re accountants, lawyers or other entrepreneurs, that gives them a good head start before they get their feet wet.”
Mayor Jim Diodati said the twoyear, $200,000 allocation is “fantastic” news.
“It gives them some of the pieces that they need, some necessary funds for marketing, inventory, equipment ... these are some of the things that especially start up entrepreneurs need but they can’t afford,” he said.
“It helps them to get out there, get noticed, get established and then they go from there.”
Diodati said entrepreneurs can apply for grant funding, but they have to complete a training and mentoring component.
“It’s not just blank cheques for anybody for any idea, there’s strings attached to make sure that there’s a certain protocol that’s followed to make sure the dollars are put to good use.”