What Temecula Valley Entrepreneur's Exchange can do for small businesses

Are you located in the Inland Empire and looking to start a small business, or do you have a business idea that you're unsure how to develop? The Temecula Valley Entrepreneur's Exchange (TVE2) could be the resource you need. 

Managed by the city of Temecula, the organization offers a business incubator and an Entrepreneurial Resource Center (ERC) providing a wide array of services to support the growth of the region's small businesses.

One component of TVE2 is its business incubator, which welcomes startups across all industries. It prioritizes companies in their first two years of operation that meet standard small business criteria, such as having fewer than 10 employees and generating under a million in revenue, or even those in their early stages that do not have revenue.

The program features 21 open-air workstations available for a monthly fee of $100 and nine private offices priced between $250 and $450, depending on square footage. For the past two years, they have implemented a rent waiver program supported by the city’s community reinvestment initiative, which has covered rental costs for all their tenants.

The offices offer various amenities, including a conference room, ample parking, front desk reception and a green screen that allows participants to take professional photos of their products. Additionally, they provide training for those who need to learn how to use it.

“[When] I was first meeting with people, you know, I was trying to make meetings at little coffee shops, or if they had an office […] And when they learn that I have an office, all of a sudden, they kind of start taking you a little bit more seriously. So, your validity goes up, and now I am in there, bringing clients in all the time, so that alone is such a huge help,” said Vivian Welsh, an entrepreneur with Guatemalan roots and one of the incubator’s participants.

The application process starts online, where interested candidates submit their materials. A quick phone screening follows to assess their fit for the program. Those who meet the initial criteria are invited to pitch their business idea in person to a panel of judges. During the pitch, applicants share their business plan and financial projections. Selection is based on a unanimous vote, but a “not yet” doesn’t mean a “no.” If an idea shows promise but requires further development, they provide the necessary support to refine the business plan and financials, helping individuals to be ready.

Welsh’s business is dedicated to developing automation solutions for companies using AI. She mentions that when she first applied for the incubator, she had five customers. Now, a year later, her customer base has grown to 25, and she expects to quadruple her revenue in the coming year.

“It's also just very inspiring because as a woman and as a minority to have this access and this resource, for me […] it just gives me the push to go out there and feel like, okay, I can do this,” says Welsh. “Because, you know, we live in this world that doesn't really take you that seriously when you're Brown, and you're female, and that you're [in] AI, like most of the rooms I'm sitting in are all white men, and it's really nice to have that support. I really, really appreciate [it].”

For those with a business idea but unsure how to bring it to life, TVE2 offers invaluable support. They connect entrepreneurs with one of their technical assistance providers  who help refine concepts and develop a business plan at no cost. With this guidance, entrepreneurs will be well-prepared to apply for the incubator. 

The other component of the TVE2 is its Entrepreneurial Resource Center, which provides one-on-one technical assistance with 150 business consultants who have different areas of expertise, such as marketing, human resources and AI. They also have a Government Procurement Center on-site to assist people in navigating the process of achieving government certification and bidding contracts.

 A highlight of the center is its extensive training events. It hosts over 200 in-person and virtual sessions annually on a wide range of topics. Whether you're just starting or looking to expand your business knowledge, there's something for everyone.

For entrepreneurs in the early stages, the center offers a valuable class titled "How to Start Your Small Business." It guides participants through the fundamentals of creating a business plan, providing them with a structured, ready-to-use outline to get started. Attendees also gain essential insights into licensing and permit requirements at the federal, state and local levels, tailored to their specific industries. Additionally, the class addresses key topics such as access to capital and funding options, as well as an introduction to marketing strategies.

“While we're not financial institutions ourselves, we provide the technical assistance, support and guidance through the process,” said Mary Cervantes, TVE2 manager.  The organization hosts separate workshops led by experienced business consultants who provide a comprehensive overview of financial readiness and the essential steps to entering the lending process. 

As part of these sessions, reputable local lenders are invited to present their loan products in person, outlining the various types of loans available and eligibility requirements.

These events serve as a valuable platform for attendees to connect directly with lenders, ask questions, and explore financing options adapted to their needs. While the lenders manage the loan process, the organization provides guidance. “If the lender is saying we need these documents, we work with the business to help them collect those documents, and then […] we send them back to the lender, and essentially the lender does the funding phase. So, we make it easy for our businesses to get it.” expressed Cervantes.

Another advantage of the center is its strategic partnership with other organizations, such as the Small Business Development Center (SBDC), a nationwide nonprofit dedicated to empowering entrepreneurs and small business owners through expert training. Participating organizations include the Inland Empire Women’s Business Center, focusing on supporting women entrepreneurs and extending its expertise to nonprofit organizations, ensuring they also receive the necessary guidance.

The Entrepreneurial Resource Center is made possible thanks to the crucial support from Riverside County, whose funding has been instrumental in launching its services.

Several upcoming training sessions are available, all free of charge for participants. These include a two-part class on "Using AI in the Workforce" on April 10 and 24, as well as two six-week programs starting on April 24. The EATS Program will provide participants with all the necessary information to launch their food businesses, and the top participants will be invited to join the  “Small Business Market” in Old Temecula happening on  Saturday  June 28. The Ready, Set, Retail program focuses on formalizing your business and developing strategies for long-term success.

For further details, you can call 951-506-5180 or reach out via email at tve2@temeculaca.gov.