Small business services surge: GEODE, Sudbury Chamber increase their efforts.

• Author: Stewart, Nick
• Position: SMALL BUSINESS

With the number of would-be entrepreneurs rising throughout the region, Sudbury's business assistance organizations such as GEODE Sudbury are looking to increase their services.

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With $120,000 in funding from FedNor handed out last fall, the non-profit community economic development group is overseeing the revival of its Stepping Stones program, which teaches business skills to budding businesspeople while also offering professional networking opportunities.

This will ultimately enable them to build a business plan which can then be pitched to a variety of potential investors, says John Marunchak, program coordinator with GEODE Sudbury

"I think there is a real desire in our community for self-employment," says Marunchak.

"There are people who are on EI, and there are people who have been in a job for a while but who have a passion for something and want that opportunity to realize it. I think we provide that opportunity for them."

An initial six-person cohort is currently underway, having begun mid-July Another cohort is slated to begin Oct. 5, though early successes with the program are encouraging GEODE staff to consider hosting additional sessions throughout the year.

Participating groups are being kept small to allow for more individual feedback and assistance.

The six-week program offers three-hour classes twice a week, touching on such issues as market research, marketing and promotional strategies, as well as financial planning. Courses are taught by Marunchak, who studied at the Richard Ivey School of Business and has a master's degree in leadership studies from Victoria University.

He also draws upon his time teaching in Japan, South Korea, and at Sudbury's Cambrian College, as well as his time handling international sales for Pitney Bowes as well as Sudbury's AYR1.com.

Other educational assistance for Stepping Stones comes from select speakers through GEODE's community partners. These include the Regional Business Centre, the Nickel Basin Federal Development Corporation, and the Business Development Bank of Canada.

Once they've graduated, participants are eligible to apply for GEODE's micro-loans. These begin with an initial sum of $2,000; once repaid, this can be followed up with a second loan for the same amount, followed by a third loan of $3,000.

Though small, these sums are crucial for small businesses struggling for start-up funds to purchase key pieces of equipment, such as a sewing machine for a...