:: LOCAL INVESTMENTS
Why this Initiative? Small Business Drives Economic Growth:
According to JPMorgan Chase & Co small businesses account for 45% of our economy, 48% of all employees work for small businesses, and small businesses accounted for over half of the job creation in 2014. 88% of employer firms have fewer than 20 employees. Bottom line we want this kind of growth in our region. While we at the EDC are constantly working to draw large businesses into our region, ignoring this sector of business growth would be like ignoring 50% of our potential growth. What is more, our homegrown businesses become very loyal local employers, rooted in our region. MAEDC sees this as a great win for our region’s economy.
What does our Initiative Look like?
We are going to build a pipeline of 3 phases. Each year we hope to push an idea through these phases.
Phase 1 Ideas and Data
We will be working with local input and business data to find ideal businesses for our region.
Phase 2 Create Business Plans
We will be creating actual business plans and feasibility studies that will make it easier to turn ideas into reality. These plans will be ready for financing and action.
Phase 3 Recruit and Launch
We will be recruiting entrepreneurs willing to run with these ventures and make them a reality. We will be supporting you each step of the way with coaching, connections, and any available state and local incentives.
A business that you have seen elsewhere that would be great for our region?