Wednesday, Dec. 23, 2009

New safety net for entrepreneurs

A small-business program gets backing from Wachovia's donation to Wake Tech

Wake Technical Community College and Wachovia are joining forces to support local entrepreneurs.

Wachovia, which is owned by Wells Fargo, announced Tuesday that it has given the college $150,000 for a small-business program that will be managed by Wake Tech's Business and Industry Center.

The Wachovia Wells Fargo Center for Entrepreneurship will focus on women, Hispanics and other minorities, but anyone can take part. Wake Tech plans to invite local entrepreneurs to speak to students, and it is creating an online network for prospective business owners.

Wake Tech's president, Stephen Scott, called the support group "sort of like the Weight Watchers of entrepreneurship."

The money will support programs at Wake Tech and help the school create new ones. Already, students can earn an entrepreneurship certificate through a four-course program and enroll in seminars about starting and managing small businesses.

Small businesses play a major role in adding jobs that could boost the ailing economy, said Jack Clayton, Triangle East regional president for Wachovia. "It's all about job creation," he said.

The Wake Tech announcement last week came the day after President Barack Obama urged banks to lend money to small businesses.

In Wake County, Wachovia sees this new venture as an investment, Clayton said. Prospective entrepreneurs eventually become banking customers. And he said Wachovia plans to lend more to small businesses in the next year.

"We're counting on the economy coming back," Clayton said.

Eventually, the college wants to set up a small-business incubator for entrepreneurs, said Fred Gebarowski, director of entrepreneurship for the school.

For now, the college is seeking more sponsors for the Wachovia Wells Fargo Center for Entrepreneurship.