By Rachel Pleasant
Staff Writer

Starting a new business is a big move, and a little help along the way couldn’t hurt.

A $250,000 grant recently awarded to the Charleston Metro Chamber of Commerce will go a long way in assisting the state’s entrepreneurs.

The state’s Commission on Higher Education awarded the grant that will be administered by the chamber’s ThinkTec initiative to expand the FastTrac program statewide, said Pennie Bingham, ThinkTec director.

“We applied for a grant, and we were given the grant, so we’re taking a leadership role. We want to work with other entities to execute this. Many other organizations are doing a wonderful job and have recently established FastTrac programs,” she said.

FastTrac is a 9- to 12-week training program that gives entrepreneurs the tools to help them start and sustain a business, Bingham said.

FastTrac classes meet two nights a week and cover everything from creating a business plan and seeking funding to marketing products. Successful entrepreneurs also share stories from their own experiences.

“You learn what went right, what went wrong. When you’re developing an idea, you get to hash it out in a supportive environment. You learn whether the idea even has merit. The first three weeks flushes out the idea and gives you guidelines,” Bingham said.

Missouri-based Ewing Marion Kauffman Foundation developed FastTrac. ThinkTec first brought the FastTrac program to South Carolina two years ago.

Since then, Bingham said, ThinkTec has trained “a couple dozen” entrepreneurs, and the FastTrac program has been picked up by other organizations, including Midlands Tech in Columbia, the Greenville Chamber of Commerce and several small business development centers across the state.

The $250,000 grant will be used to strengthen existing programs and create new programs in areas not currently offering FastTrac, Bingham said.

“Our role will be to help these programs be successful, get as many students as possible and create an infrastructure for entrepreneurship,” she said. “The grant will be used to coordinate the statewide effort and provide scholarships. We want to strengthen the existing programs, and we can promote the program even more than before.”

The FastTrac program costs between $595 and $895, depending on where participants take the course.

One of Bingham’s goals is to create a uniform price for the program, she said.

ThinkTec will host an invitation-only workshop on Oct. 5. FastTrac participants, administrators and supporters will convene to develop a plan for expanding the program.

For more information, contact Bingham at PBingham@charlestonchamber.org

Rachel Pleasant is a staff writer for the Business Journal. E-mail her at rpleasant@charlestonbusiness.com.

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