05-19-2009 EDC Meeting - Laserfiche WebLink

Home Browse Search

U NIVERSITY OF MINNESOTA EXTENSION SERVICE Community Leaders Business Retention and Expansion p (BR&E) o Strategies Program coA community consensus approach • H to encourage the growth of local businesses Why Business Retention and Expansion? A healthy and vibrant local economy depends on the well-being of a community's existing firms. Thus, efforts aimed at helping local businesses survive and grow in the local community are key to successful economic development. The community benefits because: • �y • Forty to eighty percent of all new jobs are created by existing firms • Businesses that stay competitive are more likely to remain in the community and possibly expand • Keeping an existing business is often easier than recruiting a new firm • Firms considering moving will talk to existing firms. Odds are better of attracting new firms if existing ones are happy with the community. Benefits of the Community Leader's approach to BR&E: Economic development efforts often require action from many community players. Without community consensus, economic development stalls. Our program is a proven community involvement approach for building the consensus to move forward. The University of Minnesota Extension Service provides technical assistance, training and research to help communities assess business concerns, understand the structure of the local economy, set priorities, and implement projects that will help make communities more vibrant. . (7') BRE Objectives: Short Term • Demonstrate community support for local firms • Help solve immediate business concerns Long Term ' 140 • Build community capacity to sustain business growth and development through creation of a broad-based coalition • Increase the competitiveness of local firms • • Establish and implement a strategic plan for economic development UNIVERSITY OF MINNESOTA Extension The University of Minnesota is an equal opportunity educator and employer. 1-16-2009, 1