How many dislocated workers and entrepreneurs are expected to complete the programs in 2009?
- The SBTDC is expecting to train 850 dislocated workers and entrepreneurs statewide in 2009.
Where have the programs completed in the state?
- 124 participants have completed the program in the following locations:
- Holland (1st program) program with 26 participants
- Holland (2nd program) program with 30 participants
- Barry, NewVenture program with 14 participants
- Ionia, GrowthVenture program with 16 participants
- Detroit, TechVenture program with 15 participants
- Oakland, GrowthVenture program with 23 participants
How many participants have successfully launched their business?
- 17 participants that have already launched their small business
- 45 participants are working on launching their small business
- 5 participants found employment or are pursuing employment
What type of businesses are being started?
- Human resource consulting, product development, computer repair service, design engineer services, retail stores, etc.
Where else in Michigan are programs currently being offered?
- The program is currently being offered in the following locations:
- Flint, NewVenture program with 18 participants
- Holland, TechVenture program with 10 participants
- Grand Rapids, NewVenture program with 30 participants
- Marlette, NewVenture program with 18 participants
- Bay City (Delta), NewVenture program with 10 participants
How many programs are scheduled to launch in 2009?
- An additional 24 programs are scheduled to launch statewide by the end of 2009.
How many small businesses are expected to develop out of the FastTrac programs?
- It is estimated that over 300 small businesses will be started in 2009 as a result of the FastTrac programs. (about 35% of participants will start small businesses)
Does this program save or cost the state money?
- This program will support dislocated workers to end unemployment and get back into the workforce by owning their own business. Unemployment saved alone will be over $3 million for 2009. (300 entrepreneurs not collecting unemployment = $387 per week * 26 weeks = $10,062 per entrepreneur * 300 entrepreneur = $3,018,600)
- The program is supported with MIWorks! and other organizations providing financial support to cover training costs
How many facilitators will be needed to operate the FastTrac programs?
- The SBTDC has 31 trained facilitators in all 3 FastTrac programs across the state to deploy for this initiative.
What is the participant’s cost to go through the program?
- The cost for the program is $700 per participant. In some areas scholarship are available.
How is the statewide initiative funded?
- Several of the programs are being supported by MiWorks! offices or other Economic Development (EDC) offices.
- New Economy Initiative (NEI) is funding the initiative in Detroit
