Recognizing Economic Developers in May
1 May 2020
May 4-9 is International Economic Development Week (EDW). It’s an opportune time to reflect on the importance of local economic development efforts to building a vibrant and sustainable community.
The International Economic Development Council (IEDC) created EDW in 2016 to help raise awareness for the profession. Economic Development Organizations (EDOs) are often misunderstood because their activities happen behind the scenes, outside of the public eye.
EDW is a chance to recognize economic developers, the local leaders and organizations that work tirelessly to recruit investors, develop businesses, create jobs, enhance the tax base and ultimately improve the quality of life of their communities.
Did you know that Growth Dimensions provides a comprehensive range of critical services geared towards building the local economy and supporting area businesses?
Here are some of the primary ways EDOs like Growth Dimensions work to better our communities:
Support for entrepreneurs and small businesses
EDOs are a valuable resource for new and developing companies. From advising on basic topics like business planning to helping find a location and identify financing, these services are integral to helping early-stage businesses succeed.
Business retention and expansion
Because existing businesses are crucial to local economies, EDOs offer services to help them problem-solve, succeed and expand. This might be as simple as offering advice or technical assistance. Or it might entail helping a company access funds to enable renovations, equipment upgrades or infrastructure improvements.
Assistance with workforce development
Finding skilled workers is one of the primary challenges for businesses today. That’s why economic developers work closely with local partners to help build and maintain a strong local workforce. EDOs commonly help companies with recruitment as well as the development of specialized training for in-demand jobs.
Providing funds for businesses
Economic developers are knowledgeable about business financing. They can help new and existing businesses identify the capital and incentives they need to start up and grow. Many EDOs even offer revolving loan funds or other incentives to encourage local investment.
Marketing and promotion
Economic developers are at the forefront of marketing their cities and regions to attract prospective investors and residents. They are experts at identifying a community’s assets and business advantages in order to promote them to the world.
Learn more about Growth Dimensions and how we’re working to strengthen the area economy here!