SSMEDC business highlights
The facts are in the books. The Sault Ste. Marie Economic Development Corporation recently released its annual report. And the business development division of the SSMEDC produced a number of highlights.
- In 2018, the SSMEDC assisted 164 small business clients in their startup. By the end of the year, this activity generated 176 jobs. A majority of these entrepreneurs were supported through the organization’s Starter Company Plus program, which provides entrepreneurs with training and mentoring. As well, the business incubator at the SSMEDC Millworks Centre for Entrepreneurship hosted 11 companies throughout the year.
- Under its business retention and expansion program, the SSMEDC assisted 31 local companies in their growth projects. The investments made into the projects totaled $16.5 million. The result was that 66 new full-time jobs were created and another 180 jobs were retained.
- Under its Invest Sault Ste. Marie program, the SSMEDC made 37 formal pitches to external companies and investors. Staff also hosted four foreign delegations and international businesses for inbound exploratory visits. Of those pitches and visits, the SSMEDC closed two deals and attracted a pair of new companies to the community. Through the Invest Sault Ste. Marie program, staff also helped seven local businesses enter or further expand into the exporting market.
To generate the above-mentioned results, SSMEDC staff delivered 767 business consultations with entrepreneurs and business owners. The goal of the sessions is to help people start and grow companies.
The SSMEDC also handled more than 1,200 general inquiries from entrepreneurs and owners seeking information or assistance last year.