EDCO needs funds to keep position

Published 5:00 am Monday, July 30, 2012

Federal grant funds that pay for Jim Coonan’s job at Economic Development for Central Oregon run out at the end of the year, and that fact has him pitching the importance of his role to local governments in an effort to solicit funding and keep his job around.

But Coonan, the venture catalyst manager at EDCO, says he isn’t just singing for his own supper.

“Just in the last year, of the 35 companies I track, you could conservatively say (my position has created) 52 jobs and $8.3 million (in an economic boost to the community),” Coonan said. “The longer I am at it, the more success I can prove. I think the numbers show why someone in my role makes sense to be acting for economic activity.”

Coonan said his fight to keep his job isn’t just a short-term solution. Sure, he likes the work, but he says he only plans to stick around for a few more years.

“I’m not looking for a career in this,” Coonan said. “I think there are other people out there who would love to do this job, and would be great at doing this job. My first priority here isn’t to give myself a job, it’s to support this position.”

The position works as a sort of mentoring role for potential startup businesses in the area. In the past year or so, Coonan has met with 184 potential startups and done his best to usher them through expanding their business plans, securing funding or even just finding a mentor who can talk them through the minutiae of owning a business.

Coonan has established a stable of more than 75 experts willing to mentor business hopefuls for free, and he’s established a series of business-oriented talks to encourage networking within the region. He also runs the Bend Venture Conference, a competition where startups present business plans to a voting audience that awards a winner with cash to get the company moving.

If Coonan’s position disappears at the end of the year, he hopes a lot of his work will remain in place but thinks he can do more if given more time.

“What I am hoping is if we can get some more runway here, we can get some more local support,” Connan said.

It appears a few local governments and businesses believe in his pitch.

$62.5K from a bank

Last week, Bank of the Cascades announced it would pay $62,500 to help fund Coonan’s position. Bank CEO Terry Zink said the funds are a way for the local bank to reinvest in the community.

“For us to be successful, Bend has to be successful,” Zink said. “Anything that creates jobs and puts dollars in the community, benefits the bank. We want to be a participant in that, and not just another bank in the area. I think as a community bank we have to be the bank that matters, because if something bad were to happen to Bend tomorrow, the bigger banks would probably still feel bad about it, but life would go on. For us, for the local bank, it doesn’t go on.”

$20K from a county

Deschutes County Commissioners heard Coonan’s pitch Wednesday. They voted unanimously to send $20,000 to EDCO to keep him working on creating jobs through at least 2013.

“I think government needs to support you in growing these small companies,” said commissioner Alan Unger. “I’m on board, and I think we need to get you to stay and create these jobs for Central Oregon.”

The funding comes with a promise that Coonan will recruit at least 20 new jobs in 2013. He hopes if he reaches or exceeds that mark, the commission will consider funding the position for additional years.

$12K from a city?

Coonan is also asking the city of Bend for $12,000 and the Oregon Community Foundation for an undisclosed amount of money.

The U.S. Small Business Administration has supplied the grant funds for the position over the past three years. Coonan said his position currently costs “about $73,000” each year.

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