The Mid-Region Council of Governments has released an independent study detailing the economic impact the UNM Small Business Institute at the Anderson School of Management had made had made in New Mexico.
According to the MRCOG study, between 2014 and 2015, clients of the UNM Small Business Institute, who applied the recommendations of UNM student consulting teams to their businesses, created 195 direct and indirect jobs, which increased personal income by $8.28 million in the state.
In addition, the study credits UNM Small Business Institute’s clients with helping to grow the state’s economy by $14.05 million in gross domestic product. The UNM MRCOG SBI study was funded by a grant from the Bank of Albuquerque.
“Although we’ve always known that the SBI program provides students a valuable experiential learning experience, this study now shows that their recommendations also provide value to our clients and the local economy,” said SBI Director Stacy Sacco. “Indeed, this level of economic development and job creation is in some ways comparable to relocating a new 195 person business to New Mexico.”
Every semester, 15-20 student teams comprised of 3-5 students, guided by a UNM Anderson faculty member, assist local client businesses with strategic planning, financial analyses and marketing research studies. Since its founding in 1978, the SBI has assisted more than 700 businesses, including start-ups, expanding businesses, nonprofit organizations and family enterprises.
Anderson School Dean Craig White says he is proud of the work the SBI program does to provide students a unique learning experience by solving real world problems.
For more information, visit SBI. The website includes the online application for small business owners who are interested in participating in the program.
The MRCOG is a multi-county governmental agency representing the counties of Bernalillo, Valencia, Torrance and Sandoval. MRCOG provides planning services in the areas of transportation, agriculture, workforce development, employment growth, land-use, water and economic development.