Joseph James Partners plans to donate this building at 1311 N. Main St., Rockford, to the city for use as a small business development center run by the nonprofit Think Big. (Photo by Kevin Haas/Rock River Current)
    By Kevin Haas
    Rock River Current
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    ROCKFORD — The city plans to partner with the nonprofit Think Big to create a small business development center designed to help local entrepreneurs flourish.

    The center would be located at 1311 N. Main St., a property owned by Joseph James Partners that has previously been home to Fight College boxing and fitness gym and an indoor skatepark. It’s now the property management offices for Joseph James. The real estate company would donate the building, valued at $350,000, to the city for the center.

    That would give Think Big, which was established in 2018, its first physical location. The partnership will also allow the nonprofit to maintain regular hours for small business development services, co-working space, incubator services, events, networking and other programs.

    “We have amazingly talented people. They just need some additional tools, resources and education to get their businesses to the next level,” Mayor Tom McNamara said. “We need to invest in them so they can flourish right here in the city of Rockford.”

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    Think Big helps entrepreneurs, in particular women and minorities, who have historically faced challenges accessing business development resources. It made an early splash with a business resource fair in July 2019 at the UW Health Sports Factory and has graduated 29 entrepreneurs from its boot camp called “School of Business,” according to a memo to City Council members from Community and Economic Development Director Karl Franzen.

    McNamara says Think Big has a proven it can help start and grow small businesses.

    “Over the last six to nine months they’ve helped start or expand more than 25 businesses in our community. So they have a great track record,” McNamara said.

    Peter Provenzano, president and CEO of Joseph James, said the center could be complementary to Rockford City Market, which gives many entrepreneurs an early opportunity to build a customer base and grow their business. Provenzano is also chairman of the nonprofit Rock River Development Partnership, which manages the market.

    “We’re looking forward to pitching in, not just with the building, but perhaps other financial resources and any other kind of support we can provide,” he said. 

    City’s cost

    Creating the small business center is expected to cost about $3.1 million over the course of a five-year agreement the city has proposed with Think Big. That pricetag includes the value of the donated building and an estimated $1.2 million in construction costs. It also includes about $1.25 million paid to Think Big over the course of the agreement.

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    The city would fund the project using a portion of the roughly $54 million it received in American Rescue Plan funding meant to stimulate the economy amid the coronavirus pandemic.

    “As we’re coming out of COVID, we really want them diving into starting and expanding businesses right here in Rockford, so that we can fill several other storefronts,” McNamara said. “We’ve been a great place for innovation, for creation, for small businesses to start up. We’re just doubling down on that.”

    Under the terms of the agreement, the city would pay Think Big a lump sum of $125,000 within two months of approving the contract. It would pay an additional $125,000 on Jan. 2, 2023. After that, the city could reimburse the nonprofit up to $250,000 a year, according to documents under City Council consideration.

    The city’s Planning and Development Committee will consider the proposal on Monday.

    If ultimately approved by the City Council next week, the goal is to open the center by January.

    Cost breakdown

    • Architectural services | $67,900
    • Construction | $1,200,000
    • Property acquisition | $350,000 (donation)
    • Construction administration | $17,424
    • Think Big funding agreement | $1,250,000
    • Contingency funds | $250,000
    • Total | $3,135,324

    Source: City of Rockford cost estimates

    This article is by Kevin Haas. Email him at khaas@rockrivercurrent.com or follow him on Twitter at @KevinMHaas or Instagram @thekevinhaas.

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