Small Business Technical Assistance (TA) Hub
During the pandemic, the demand for business support services grew substantially in Indianapolis, putting pressure on existing business development organizations and creating demand for newer organizations to emerge. As a result, new business development organizations (BDOs) were created, and existing ones expanded to bring new programming and services for business owners. This rapid growth was not met by similar growth in internal infrastructure to make programming sustainable over time. In response, LISC Indianapolis applied for and received $1.7M in ARPA funds from the City of Indianapolis to create a Small Business Technical Assistance (TA) Hub.
The TA Hub provides needed operations assistance including bookkeeping assistance, marketing and branding assistance, legal assistance, tax preparation, HR support, and more. In addition, the TA Hub links businesses to credit repair and credit building loans available through the LISC-hosted Indianapolis Small Business CDFI Collaborative. LISC completed an RFQ for non-profits interested in co-developing the TA Hub. An independent grant committee reviewed applications and selected two partner organizations: Indy Black Chamber of Commerce and Indiana Small Business Development Center to provide small business and entrepreneurship services.
Program Objective:
The objective of creating the TA Hub is to strengthen small businesses owned by low-income individuals from historically under-resourced and underserved communities, to consolidate and grow their existing businesses.
Services Provided:
The TA Hub will provide technical assistance in the following areas:
- Marketing assistance services including branding, social media marketing, and traditional marketing services
- Accounting assistance services, including bookkeeping training/guidance, accounting, loan readiness, and tax preparation best practices
- Legal assistance services
- Human resources assessment and support
- Business coaching, which includes assessing the business needs for technical assistance referrals, and follow-ups with each business to assess their progression
- Executive coaching, counseling and therapy related to business mindset
- Upon the business owner's request, the TA Hub will refer them to partners in the CDFI to receive credit repair services and credit builder loans
TA Hub Process
The TA Hub sites will implement this program on an individual basis (not on a cohort basis). To do so, each site will hire a business coach to make an assessment of each business using a coaching tool, Growth Wheel, to develop a business growth plan and identify the areas in which the business requires support. Based on that assessment, the business coach will determine what technical assistance services the business will receive. Each business can receive technical assistance in up to three areas. For example, a business may receive support in marketing, legal services, and accounting, or tax preparation and HR assessment/support. The number of areas in which assistance will be provided will be determined by the business coach based on each business's needs and time availability to work with professional consultants.
Funder
Funders
City of Indianapolis
