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New state agency aims to help small business owners

Division of Small Business established in conjunction with Delaware Prosperity Partnership
November 7, 2018

Story Location:
1 Kings Creek Circle
Rehoboth Beach, DE 19971
United States

Opening a small business can be exciting, but also challenging. Rehoboth Beach-Dewey Beach Chamber of Commerce recently hosted Delaware Division of Small Business Director Damian DeStefano to explain how the state can help to navigate those challenges.

DeStefano said the Division of Small Business can help business owners navigate through the weeds in three areas – government regulation, access to capital and coordinating with community organizations like Service Corps of Retired Executives or the Delaware Small Business Development Center.

Named director only two months ago, DeStefano said he was introducing himself around the state, speaking with local chambers. It’s a novel idea, to talk with small businesses about workforce development and regulation, he said to a few dozen chamber members Oct. 22. DeStefano’s experience includes work with the Office of Management and Budget as an economic policy advisor for former Gov. Jack Markell, and as a legislative aide with the House of Representatives Majority Caucus.

The Division of Small Business was created in 2017 after Gov. John Carney dissolved the Delaware Economic Development Office in favor of a public-private partnership called Delaware Prosperity Partnership.

According to an August 2017 press release, the partnership is expected to improve Delaware’s outreach to attract new businesses and stimulate job growth, while targeting support for small business owners, entrepreneurs, and minority-owned businesses. The partnership has an annual budget of approximately $3.4 million, with 38 private sector investors.

DeStefano defined a small business as any business with fewer than 100 employees. He said 98 percent of the businesses in Delaware fall under that threshold, with 55 percent of Delawareans employed by small businesses.

DeStefano said there is no typical small business. A pie chart of small businesses would show 20 different equal-sized slices, he said listing off retail, mom-and-pop-style businesses, research and development, and construction as examples.

The division has to be flexible, he said.

For more information on the Division of Small Business, go to business.delaware.gov or email business@state.de.us.

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