August 31, 2006

SBTC releases its 2nd Annual Report

The Southside Business Technology Center (SBTC) completed its first full year of operations on June 30, 2006. The SBTC was created to implement the common goal of concerned citizens and business leaders to improve the economic outlook of the Southside region in coordination with the Virginia Tech Business Technology Center, Martinsville-Henry County Chamber of Commerce and the Chamber’s Partnership for Economic Growth (C-PEG). The center officially opened its doors on May 17, 2005. The SBTC was funded by the Harvest Foundation and the Lucy P. Sale Foundation in August, 2004.

Although the SBTC was initially modeled after the Virginia Tech Business Technology Center (VT BTC), in Blacksburg, Virginia, it has evolved during the past year to match the needs of and resources available in Southside Virginia.

In summary, during the fiscal year of 2005-2006 the SBTC:

Delivered 24 in-depth management consulting projects to Southside companies and assisted 40 + companies;Generated $22,285 in revenues from client fees;Provided 4,094 consulting hours to Southside businesses;Recruited and trained 5 interns from local colleges and 10 Virginia Tech student interns to work on SBTC consulting projects;Hired two additional full time staff employees to manage the client demand that was higher than originally anticipated;Received its independent 501 (c) (3) status from the IRS;Received additional grant funding for FY 06-07 from the Virginia Tobacco Indemnification and Community Revitalization Commission (TICRC) in the amount of $75,000;Received additional funding for a three year-period to cover SBTC rent from the Lucy P. Sale Foundation in the amount of $30,000;Developed its three-year Strategic Plan;
Expanded SBTC Board of Directors membership.

SBTC is in its organizational development stage and the purpose of this annual report is to document its activities for the fiscal year 2005-2006.

Annual report in its entirety: