Introduction

A. Economic Development can and does make a difference wherever it is given the resources to help the business climate.

1. Professionals are experienced and prepared for many of the worthwhile efforts & should be supported by local county government.

The Economic Development Professional
coordinates many aspects of
Economic Development.

A professional, experienced Economic Development Professional can help a community identify, promote, and deliver that community’s best economic development opportunity.

HOW IS ECONOMIC DEVELOPMENT DONE?

1. An Economic Development Professional can Coordinate Basic Support Services:

A. Business support services such as SBDC and BR&E and Workforce Development can be promoted, delivered, and used to help existing businesses prosper.

B. Business Retention & Expansion Program =
visits plus credible counsel.

2. An Economic Development Professional will clarify and deliver financial programs.

A. Tax Incentives:

B. Local lending pools: Banks and utilities

C. Local and regional revolving loan fund accounts.

D. Attracting outside investors: Venture Capitalists, angel investors, & foundations.

E. Other:

1. Government grants.

2. SBA 504 and 7(a) and MCCF and other funding sources

3. An Economic Development Professional will coordinate development and management of local infrastructure:

A. Industrial Parks: Are there vacancies in existing parks? Do they have the infrastructure systems in place necessary to attract industry? What are the alternatives? Who is your competition? When was the last development in your Industrial Park? Why? When was the last time a business checked out your Industrial Park and then went elsewhere? Why?

B. Business Incubators: Do you have one? Can you afford one? Can you afford to have a regional one?

C. Tourism: What type of business development needs to occur in your community to attract tourists?

4. An Economic Development Professional can direct your Marketing efforts:

A. Lead Strategic Planning Process.

1. What are your Strengths, Weaknesses, Opportunities, and Threats?

2. Do you believe that you can change what you are?

3. Marketing is mostly diligent work & it takes time.

B. Marketing your region to attract labor and industry.

1. Does your community have a marketing
plan?

2. Do your communities have a plan in place to improve their image for marketing purposes?

5. An Economic Development Professional can be a Project Manager:

A. Coordinating industrial site and affordable housing projects.

B. Identifying your Target Industries Criteria for Site Selection and using these criteria as a guideline to enhance your industrial park.

C. Coordinating the Tax incentive programs, including JOBZ.

D. Coordinating the financial collaborators to make a deal.

E. Coordinating Environmental Assessment and Clean-up

F. Doing the Paper-work & follow-up; As various government assistance is used, there are also reporting requirements. This is a role that the economic development professional understands.

6. An Economic Development Professional can be the county representative and do the important Networking:

A. Local networking events: If there is not an active Chamber in your area, then events can be set-up to give business people an opportunity for better communication.

            B.    Regional and State networking events:
                   someone should attend and let others know
                   about when and where these events are
                   happening. A lot of information is shared at
                   these events and your community is
                   affected by the way information is shared
                   and used.

C. Does your community keep abreast of change?

7. Conclusion

A. Economic Development Professionals play an active role in local efforts to increase economic vitality.

B. Economic Development Professionals provide experience, networking connection, and responsibility.

“Never believe that a group of determined individuals can’t make a difference. In fact, that is the way it has always been done.” - Margaret Mead