Exploration of selected loci of small business finance information and advice, pursued from the perspective of small business persons, and a recommendation for improvement in the Youngstown area

Abstract

This study was conducted to pursue whether the Youngstown area has from neutral parties, adequate small business finance advisory services, and, if necessary, where inadequate small business financial services exist, to propose an improved financial management advisory organization to service the needs to small business persons in the Youngstown area. "Neutral parties" were defined as institutions, not businesses, who have no interest in the products or services that clients sell, but rather provide advice in service to the social/economic development of their service regions. The research investigation focused on seven selected loci of small business finance information and advice in the Youngstown area: (1) The Public Library of Youngstown and Mahoning County, Main Branch, (2) the William F. Maag Library, Youngstown State University, (3) the Charles B. Cushwa, Jr. Center for Industrial Development, Youngstown State University, (4) the Small Business Institute, Youngstown State University, (5) SCORE/ACE Chapter 11 of Youngstown, (6) the Youngstown Area Chamber of Commerce, and (7) the Youngstown Area Development Corporation. The finding of the study was that adequate financial management advisory services do not exist in the Youngstown area. A proposal was offered to base a comprehensive small business assistance delivery system at Youngstown State University in order that Youngstown State University could bring to bear on small business problems the university's resources. Furthermore, it was proposed that the university based small business assistance organization would coordinate delivery of small business assistance entities. Functions to be performed by the university based small business assistance organization included the following: (1) providing small business information and small business library research assistance, (2) providing small business technical assistance, (3) providing small business management assistance, (4) developing small business education and training activities, (5) conducting small business research, and (6) advocating for small business.