MARCH 22, 2021 — The UTSA Institute for Economic Development generated an overall direct economic impact in 2020 of $2.4 billion for the Texas economy. The Institute and its many centers—part of UTSA’s Knowledge Enterprise—facilitate economic, community and business development at the local, regional and national levels.
Shortly after the pandemic hit in 2020, IED staff were prepared to help business owners and entrepreneurs. The advisors at the IED’s Small Business Development Center (SBDC) not only continued with their business consulting, training and research; they also quickly pivoted to help bring pandemic relief to small businesses, including financial assistance via the Small Business Administration Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDL) assistance.
Patrick and Wendy O’Kane of Always Best Care in San Antonio are business owners who sought assistance from the IED. Always Best Care is a non-medical health provider helping families’ loved ones manage daily routines, plus respite care during the holidays.
The O’Kanes built a relationship with IED when they started their business in 2016, so it was natural for them to turn to the IED for help when the pandemic hit. With the institute’s help, the O’Kanes were able to get PPP and EIDL funding that helped them save 90 jobs. They were also able to expand their business to a new location.
“We would not be in business today without the advice and counseling of our IED SBDC business advisor,” Patrick O’Kane said.
“The O’Kanes’ story is one of many Texas small businesses who turned disruption into opportunity through resiliency and dedication to the task,” added Rod McSherry, UTSA associate vice president for innovation and economic development. “We are proud and thankful that we, the staff of the IED, have the opportunity to support, advise and train Texas small businesses—the economic engine of our great state.”
To learn more about the Institute’s hard work and agility in the unprecedented pandemic year to support and advance Texas small businesses, read the stories in the institute’s 2020 annual report.
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