It all starts with a dream. You have an idea, you start a business, you work hard, and you send your kids to college. For many, the American Dream has increasingly become difficult to attain. It is harder for the average American to navigate the country's economic climate. Regional institutions, such as a city's Chamber of Commerce or a state's Economic Development branch, provide Economic Development Assistance services and incentives. Representatives from these institutions act as mediators between aspiring professionals and the challenges of the modern marketplace, and they even arrange for more commercial interactions. Natural "solopreneurs" still emerge, but having help drastically improves one's chances of success.
Individual Success Fosters Overall Market Success
Leaders cannot ignore the crucial role companies play in the overall well-being of their communities. When businesses do well, the entire economic ecosystem flourishes. Small businesses have generated over 65 percent of the nation's net new jobs since 1995. Keeping this in mind, it is in everyone's interests to have several robust and thriving companies operating or headquartered within a community. Furthermore, higher employment rates generally correlate with lower crime rates. The continued growth of economic opportunities is essential for the health of any region. Still, these benefits cannot come to fruition unless commercial operations begin. That's where Economic Development Assistance comes in. These services can help guide both entrepreneurs and large corporations through site selection, government contract documentation, financing options, incentives, and more.
Incentives Fuel the Dream
Areas seeking to see a spurt in economic growth often offer incentives. Economic Development Assistance programs highlight these opportunities and provide information on how to take advantage of these rewards. Some incentives are offered in general terms to every commercial enterprise in the district. In other cases, a local municipality may offer specific tax breaks to attract a certain operation. It is important for site selectors to take regional tax practices into account, as higher costs can restrain growth.
It's an Interactive World
Many times, institutions are excited to connect people in the local business community. Some contemporary urban planning designs even incorporate creative collision zones. These areas are strategically located in business districts. The collision zones feature paths and sidewalks where professionals walk and naturally cross paths. The concept behind this urban planning theory is that with increased natural interactions, professionals will have more chances to interact and potentially collaborate. By creating interactions, city planners are creating more economic opportunities for their communities. Besides these physical interactions, institutions also hold regular networking events and meetings to promote Economic Development Assistance programs and offers. By spreading the word, more entrepreneurs will become more aware of potential services tailored to help them succeed.
Information Age
Even with the availability of local statistical information, it can be difficult to understand and interpret the regional economic climate. Economic Development Assistance institutions actively work to make this information obtainable through, for example, infographics and animated charts, which are much more useful than raw data. They may also offer interactive platforms, which allow individuals to collaborate with current leaders and other potential professional allies.
By acting as a liaison between local assets and potential developers, Economic Development Assistance representatives increase the likelihood of success for both the developers and the region as a whole. As long as existing companies can be sustained and new firms can emerge, the American dream can survive.
When considering economic development assistance, Flint MI residents visit Flint & Genesee Chamber of Commerce. Learn more at http://www.flintandgenesee.org/
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