BlueSun Inc. is a new non-profit business, created in partnership with LBCC, that fills a niche in the community by finding employment for the disabled and veterans. BlueSun is located in Corvallis at 517 SW 2nd Street Suite 202. They provide a much needed resource of job placement, along with training and equipment when needed.
Why is LB helping creating a business?
According to LB's strategic plan for progress, one goal of the college Foundation is to increase their operational budget by 10%. Dale Stowell, LBCC's executive director of institutional advancement, said that equates out to be about $4 million a year generated by investment. Considering that last year's investments only acquired $400,000 to be used for operational expenses, Stowell said they had change their approach and look for new ways to raise money.
Before the opening of BlueSun the nearest Qualified Rehabilitation Facility was in the Portland area. The need for the business was there but needed someone to head the operation. Dianna Howell, now CEO of BlueSun, was perfect for the position since already had a strong connection to the college.
BlueSun when fully operational, is projected to "generate $20,000 weekly in total gross revenues", according to Stowell.
LB issued a loan of $100,000 to propel the business from concept to actual creation. The loan will have a 9.25 percent return rate, collecting $80,000 a year by year two. After year seven, BlueSun will have paid back the terms of the loan and will have no obligation towards LBCC at that point. While the risk is higher than basic saving's accounts the return on the investment is also much higher. The creation of the business is not only good for the community but also creates an increased funding stream for LBCC.
Before issuing the start-up loan LBCC had the business department review the business plan of BlueSun. They liked the plan so much that they told Stowell it was the best plan they've seen all year. BlueSun's grand opening was March 1, 2013 and been operational for two months.
The creation of BlueSun is an one example of how LBCC is developing beneficial relationships within the community. LBCC is still looking for additional ways to raise money.
At a glance-
LBCC helps create a non-profit local business BlueSun.
BlueSun is located in Corvallis at 517 SW 2nd Street Suite 202, 97333
Operational since March 1, 2013
Finding employment for disabled and veterans
If you have ideas or would like to donate please contact Dale Stowell, email dale.stowell@linnbenton.edu.
BlueSun can also be contacted at www.bluesuninc.com/contact/ or by phone 541-207-3212.
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