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Randy Ready
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rfbrc [rlowenthal~rfbrc.org]
Sunday, June 07, 2009 1:52 PM
Randy Ready
-Roaring~ork-Business-Resou rce-Center-Reque
g: Follow up
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Roaring Fork Business Resource Center.doc
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As I mentioned in my original email, I recently attended a meeting of the mayors in the region, and I
presented information to them about a new project -the Roaring Fork Business Resource Center
("Center"). At the end of the discussion, Mick Ireland suggested that I contact you to introduce the project.
In short, we are creating anincubator/resource center for small businesses from Aspen to Parachute. We
appreciate the opportunity to attend the Aspen City Council work session on Tuesday, June 23 to discuss
the Center in more detail.
Since I left the Rocky Mountain Institute in 2002, I worked for the Aspen Institute's Society of Fellows for
1-1/2 years and most recently the Cazbondale Chamber of Commerce for 5-1/2 years. In February, I began
to develop the concept for the Roaring Fork Business Resource Center ("Center") (see attached). The
nonprofit corporation has been formed; we have received our 501 c3 exemption; and we aze now working
on putting the infrastructure in place.
The Town of Cazbondale has approved an investment of $10,000 and "an ongoing relationship subject to
TABOR limitations", and they aze reactivating their revolving loan fund which the Centex will administer. In
addition to a major investment by Colorado Mbuntain College and other commitments by several chambers
of commerce (including ACRA) and businesses, Gazfield County recently approved an investment of
$25,000 and "an ongoing relationship", and the City of Glenwood Springs has approved an investment of
$10,000 and "an ongoing relationship subject to TABOR limitations".
When we have secured matching funds (Year 1: $75,000/Yeaz 2: $50,000/Yeaz 3: $25,000), the State of
Colorado Economic Development Commission has a matching grant opportunity that we will apply for,
and they require the following:
"Community support -financial as well as moral support from the community, including: --
* Local govenunent (cih~ ar county) -should provide significant financial support during
tl~e start-up period.
* Financial and/or programmatic support from, and integration of services with, other
entities as appropriate to the community:
o Chamber of commerce
o Local economic development organization.
o Small Business Development Center.
o Local higher education institution(s).
o Revolving loan fund..
o Other business leadership -financial institutions, professional advisors.
Include at least 3 letters of support, indicating the type of support planned (cash or in-kind
Page 2 of 2
donations, cooperative agreement, etc.)."
We aze requesting. a letter of support from the City of Aspen describing grants in the following amounts:
-_
Year 1 (2009): $10,000/Yeaz 2 (2010): $7,500/Yeaz 3 (2011): $5,000 for the Centel sstart-up effort,
understanding that there may be TABOR or other resteictions on future commitments.
Thanks in advance fox your support!
(Ms.) Randi Lowenthal, President & CEO
Roaring Fork Business Resource Center
P.O. Box 987
817 Colorado Avenue
Glenwood Springs, CO 81602
(970) 989-8987
www.xfbxc.or2
infoCc~xfbxc.org
Roaring Fork
Business Resource Center
Executive Summary
Because there is not only a lack of access to practical business assistance for new, emerging, and existing
for profit and nonprofit businesses in the-region-but there aze also limited long-range local and regional-
Center ("Center' will promote existing business resources, create new learning opportunities, and identify
ways for small businesses to access capital The Center will develop programs to accelerate the growth of
local and regional businesses in an effort to create jobs and increase tax revenues.
Mission:
The Center will contribute to an environment in the region where new, emerging, and existing businesses
can start, develop, and grow to become sustainable, resulting in more profitable businesses, job creation
and retention, capital generation, economic diversity, a positive impact on the communities, and retention
of existing dollars in the regional economy.
Purpose/Scope:
1. Business Education, Traini ~, Mentoring, Coaching/Consulting, and Networking:
Coordinate business education and training for new and existing businesses in planning, marketing,
finances, and entrepreneurship, particulazly through the use of web-based technology to improve business
effidenry and effectiveness. Establish swell-developed network of providers to serve as an advisory
council, and create a unique team of advisors and a customised program of action for selected clients.
Identify mentors for new and existing businesses, and develop duster-based industry networking
opporhwities in energy and health Gaze.
Members of the local communities will have access to individual business classes, workshops, seminazs,
and online courses.
The Center will also form an extensive Advisory Council to draw from to create a unique team of advisors
to nurture cazefully selected businesses and entrepreneurs ("clients' and provide professional and
technical assistance and services in a customized program of action.
Client selection criteria will be developed for pazticlpation based on the following:
1. Business .potential, including a quality business plan, assessment of services, technology or
products being produced, clarity of market focus, and assessment of competition, etc.; ability to
deliver marketable products and/ox services
2. Quality of management team, including the business and/or technical experience related to the
focus of the organization; willingness to subscribe to "best practices" in business management
3. Willingness to utilize services of the Center, including identifying critical needs and networking
potential
4. Potential economic impact, including job retention or creation, increase in tax revenues, and
improving the overall business climate
Instead of acquiring and managing a large physical facility, the Center intends to partner with commercial
real estate offices to help clients who complete a customized program of action find the appropriate
location and space at lower-than-mazket rent.
Revised: 6/16/2009
2. Access to Capital:
Expand financing alternatives fox new and existing businesses that may not meet standard undexcvriting
criteria- and therefore- do not have access to conventional sources of funding. Investigate_ and develop
financing alternatives and vehicles to fund businesses in the Roaring Foxk Valley, including a business loan
fund, venture capital networks, and angel investing. Work with local financial institutions to facilitate the
loan application process.
3. Business and Economic Development:
Invest in local businesses to create jobs and increase tax revenues rather than recruiting businesses from
outside of the Roaring Fork Valley. Encourage business development through the use of "economic
gazdening" principles, tools, and reseazch capabilities. Apply the principles of economic gazdening to
develop strategies fox business and economic development through business retention and expansion.
Focus on emerging businesses and industry clusters such as energy and health care. Develop information
from high-powered databases, GIS, and other information tools to increase the competitiveness and
success of emerging businesses. In addition to performing reseazch for businesses, the Center will be able
to provide access to high-level information and analysis fox the local governments and institutions.
Cornerstones of Economic Gazdenin>r:
1. Information: Develop sophisticated reseazch capabilities using tools often available only to lazge
corporations and governments. Subscribe to a number of database services and CD-ROMs which provide
access to publications worldwide. Use these tools to develop marketing lists, competitive intelligence,
industry trends, new product tracking, legislative research, and to answer custom business questions. Track
real estate activity. Utilize Geographic Information Systems (GIS) software to plot customer addresses as
well as provide demographic, lifestyle and consumer expenditure information. The information
component also includes training and seminazs in advanced management techniques such as systems
thinking, complexity theory, and customer service strategies.
2. Infrastructure: Develop not only basic physical infrastructure but also quality of life and intellectual
infrastructure. In the area of basic infrastructure, encourage communities and counties to invest in areas
such as major street and sidewalk projects, open space, and other projects that aze basic `good
government'. Intellectual infrastructure is the curriculum, courses and training, and introduction of best
practices that will keep our businesses competitive.
3. Connections: Develop business connections to trade associations, think tanks, academic institutions,
and similar companies (industry clusters) and CEO's. Build and strengthen connections between industry
and higher education and among governments; and facilitate the formation of industry clusters and
leverage the cross-marketing opportunities within local aeeas, the region, and beyond.
Service Area:
Parachute to Aspen. Counties: Eagle, Gazfield, and Pitkin. Towns: Aspen, Basalt, Cazbondale, Glenwood
Springs, New Castle, Parachute/Battlement Mesa, Rifle, Silt, and Snowmass Village. Office Location:
Glenwood Springs.
Imuacts/Outcomes:
As a results-driven resource for business services and tools, the Center will support the launch, growth,
stabilization, and long-term success of businesses in the Roaring Fork Valley. Processes will be instituted
to: 1) measure the creation of new jobs; the retention of existing jobs; and the retention of existing dollars
in the local economy; and 2) evaluate internal effectiveness and client satisfaction.
Colorado non-profit corporation exempt from Federal income tax under IRC Section 50](cx3)
P.O. Box 987, Glenwood Springs, CO 81601 • (970) 989-8987 • info@xfbrc.org • www.rfbrc.org