NewVue Celebrates Impact of Small Business Technical Assistance Program
We were thrilled to highlight the short-term impact and long-term success of NewVue’s Small Business Technical Assistance program at our Annual Meeting on June 24.
Last year alone, NewVue counseled 97 businesses, 69 of which were started by individuals with low or moderate income. The team helped secure 20 loans totaling $3.7 million, and their work led to the creation or retention of 154 jobs.
“We work with people who just have a dream and take them down a path where hopefully their dream becomes a reality,’’ said NewVue SBTA Consultant Ray Belanger
NewVue also helps existing business owners grow and expand, and guides them through navigate regulatory, financial or legal challenges. Services include helping entrepreneurs secure funding through alternative lenders such as the North Central Massachusetts Development Corporation if traditional banks aren’t an option.
“This service is customized to the individual who needs help,’’ Belanger said.
To help measure the long-term impact of NewVue’s Small Business Technical Assistance Program, we recently brought on a small business intern from Fitchburg State University to survey our clients from the last seven years. We found that over the last seven years, 79 percent of NewVue clients are still open today after receiving small business technical assistance from us.
According to 2024 data from the U.S. Bureau of Labor Statistics, only 34.7 percent of businesses reach 10 years of operation, 50.6 percent reach 5 years, and 79.6 percent of businesses survive their first year after opening. NewVue’s seven-year business survival rate is on par with the national pace after one year.
“These findings demonstrate the lasting impact that access to business guidance, technical assistance, and funding resources can have on entrepreneurs and local economies,’’ said NewVue’s SBTA Small Business Senior Manager Sarah Tavitian. “We’re creating economic engines.’’
If you’re a current or aspiring business owner looking for guidance, funding resources, or technical assistance, we’d love to help. Email stavitian@nvcomm.org or visit NewVue Communities’ Small Business Program page to learn more about how we can support your success.
If you’d like to support our program, visit our Ways to Give page.