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Institute for Economic Development provided $2.4 billion impact in 2020

Institute for Economic Development provided $2.4 billion impact in 2020

UTSA’s Institute for Economic Development (IED) provided an overall direct economic impact in 2020 of $2.4 billion for the Texas economy. The Institute is part of UTSA’s Knowledge Enterprise. The purpose of IED is to facilitate economic, community and business development at the local, regional and national levels. This development work from the many centers that comprise IED adds up to create this tremendous economic impact for Texas.

Almost as soon as the pandemic hit in 2020, IED staff were prepared to help. IED’s Small Business Development Center (SBDC) small business advisors were able to not only continue with their business consulting, training and research but also quickly pivot to help bring pandemic relief to small businesses, including financial assistance via SBA 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 were helped by 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 had a relationship with IED since they started their business in 2016. So, it was natural that they turn to IED for help when the pandemic hit. By working together, 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. Patrick O’Kane said, “We would not be in business today without the advice and counseling of our IED SBDC business advisor.”

Rod McSherry, Associate Vice President for Innovation and Economic Development, at UTSA said, “The O’Kane’s story is one of many Texas small businesses who turned disruption into opportunity through resiliency and dedication to the task. We are proud and thankful that we, the staff of the IED, have the opportunity to support, advise and train these Texas small businesses—the economic engine of our great state.”

For more information, contact
Kevin Wier, Communications Director
Institute for Economic Development
Phone: 210-458-2453

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The Institute for Economic Development is funded in part through the State of Texas and a Cooperative Agreement with the U.S. Small Business Administration. Reasonable accommodations for persons with disabilities or limited English proficiency will be made if requested at least two weeks in advance.