Who
Jarrod Norwood, Regions Commercial Banking relationship manager, Little Rock, Arkansas
What
The Arkansas Small Business Technology Development Center (ASBTDC) is a higher-education-based economic development program established to help new and seasoned entrepreneurs with all aspects of business creation, management and operations. ASBTDC serves 5,000-plus small-business owners each year through its consulting, market research and training services.
From 2014-2017, Norwood worked for ASBTDC as a business consultant, a role where he primarily focused on Small Business Administration (SBA) loans helping entrepreneurs secure access to capital. He also helped companies with marketing initiatives and expansion. Norwood joined Regions in 2017 as a Credit Underwriting portfolio manager and transitioned to his current role in 2019.
In May, Norwood was named to ASBTDC’s State Advisory Board.
Why It Matters
In the past decade, ASBTDC has empowered its small-business clients to achieve the following:
- Growing sales over 11 percent more than the average Arkansas business
- Achieving job growth 18 percent higher than the average Arkansas business
- Creating an average of five new jobs per day, for a total of 18,132 jobs
- Generating $85 million more in state taxes and $45 million in federal taxes than the average business
In His Own Words
Early entrepreneurial days: “From the time I was 14 years old, I’ve worked,” said Norwood. “My family owned a business inside a truck stop where I worked as a janitorial engineer. We ate and lived off small business. When times were good, you ate steak; when times were bad, you ate red beans and rice.”
Small business’s biggest lessons: “It taught me a sense of discipline and work ethic,” Norwood said. “It also teaches you a lot about risk and reward. What you put in it is what you get out of it. If you’re going to do anything in life, if you do it right, you’ll get the rewards.”
Time is money for small-business owners: “As a small-business owner, there’s never a day off,” said Norwood. “Time is the only true currency we have in this world, but what good is the money if you have no time? If you give back time to families who are running their businesses, there’s no better gift.”
Leveraging his new ASBTDC board role: “I want to be a conduit and a voice for ASBTDC,” said Norwood. “I have a true passion for small business in the state of Arkansas and the lifeblood it is for communities. The people you see day to day on the street are supported by small business. This role will allow me not only to help small-business owners, but to also help raise up our neighborhoods.”
Making a personal ASBTDC referral: “My wife, Sara, just started a candle business this year,” said Norwood. “She’s always been very entrepreneurial. I put her in touch with ASBTDC and they helped her with becoming a limited liability company (LLC). It’s one thing getting advice from a husband; it’s another getting advice from an outside trusted partner like ASBTDC. Now, not only am I an ASBTDC supporter, I’m also a referrer. You can’t put a price tag on that.”
In the Words of Others
Rodney Abston, Commercial Banking leader and market executive for Regions in Little Rock:
“Jarrod has such a passion for small business and helping foster people’s entrepreneurial spirit,” said Abston. “His history with ASBTDC and the way he gravitates to small business make him perfect for this role. He’s a conscientious, credit-minded banker who loves growing and learning new things. He will do anything for anybody. He’s always there to listen and help his clients and teammates.”
Laura Fine, ASBTDC state director
“ASBTDC’s strength is helping businesses access capital from $3,000 to $13 million,” said Fine. “Jarrod’s diverse background as a business advisor, banker and former small-business owner equips him with a comprehensive perspective on what is often cited as the greatest need and biggest challenge for business owners.
“Having grown up in a small, rural Arkansas community, Jarrod also has firsthand knowledge the specific struggles businesses in our areas face. Jarrod’s fun, energetic and caring personality makes him easy to work with, and I know he genuinely believes in ASBTDC’s mission to help businesses start, grow and thrive. The wealth of experience and unique insights he brings to the ASBTDC Advisory Board make him a wonderful addition.”
ASBTDC is one of nearly 1,000 small business development centers operating across the U.S. You can learn more about the work of small business development centers and find the nearest one to you through America’s Small Business Development Center. And discover how Regions has worked with additional SBDCs in Mississippi, Louisiana and Missouri.