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Partnering for Economic Growth - Investing in Community Development and Well-being

Learn about economic development and why it is important for creating jobs, increasing the tax base, providing services, and maintaining a strong economy. Discover the components of economic development and explore resources available for entrepreneurs and local development organizations.

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Partnering for Economic Growth - Investing in Community Development and Well-being

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  1. Partnering to Promote Economic Growth February 13, 2006

  2. What is Economic Development?

  3. It is the process by which a community organizes and then applies its energies to the tasks of improving the economic well-beingand quality of life for the community. Economic development is an investment in the community. WEDI

  4. Why Economic Development? • Creating and Retaining Desirable Jobs • Increasing the Tax Base • Providing Services and Paying the Bills • Maintaining a Strong Economy

  5. EconomicDevelopmentA Dynamic Process • Global economy • Mergers and restructuring • Shifting market preferences • Must be alert for new opportunities to diversify local economies

  6. Components ofEconomic Development A. Organizational Development B. Infrastructure Development C. Business Development D. Workforce Development E. Community Cash Flow Development

  7. Department of Commerce Resources

  8. Bureau of Business Development • Coordinates and Facilitates Business Creation, Retention and Expansion Efforts in Wisconsin (Area Development Managers) • Underwrites, Contracts and Services Program Funds (Business Finance)

  9. Area Development Managers Region 1: William Lehman 715/656-3530 Region 2: Marty Ambros 715/836-2630 Region 3: Deb Clements 715/344-1381 Region 4: Dennis Russell 920/498-6302 Region 5: William Winter 608/647-4613 Region 6: Kathy Heady 608/266-9944 Region 7: Dave Martens 608/261-7711

  10. Resources for: • Entrepreneurs • Fixed Assets & Working Capital • Customized Employee Training • Technology Development • Community Infrastructure • Brownfields Redevelopment

  11. Local Economic Development Contacts • County or Multi-County Development Corporations • Municipal or County Government • Utilities • Chambers of Commerce

  12. Local Development Organizations • Wisconsin Economic Development Association - www.weda.org • Economic Development Corporations or Chambers of Commerce -www.commerce.wi.gov - go to partner links on the more info menu

  13. Local Development Organization Resources • Revolving Loan Funds • Site Selection • Small Business Counseling • Business Incubators • Information and Much More …

  14. “…Early care and education is being recognized as an important economic sector in its own right, and as a critical piece of social infrastructure that supports children’s development and facilitates parents’ employment.” Anon. Cornell University Website

  15. WEDA Survey • WEDA Members Agree that Early Childhood Education is a critical Economic Development Strategy (48%) • Awareness is not shared by their local communities (44% no, 34% not sure)

  16. Early Care and Economic Development • Early Care as an Economic Sector • Early Care is Important to Working Parents and Employers • Early Learning is an Important First Step in Future Workforce Development

  17. Early Care as an Economic Sector • Significant Employment Base • Small Businesses • Multiplier Impact (Direct, Indirect, Induced)

  18. Early Care – Labor Force • Labor Force Participation – 2004 - % Children under 6 with all parents in labor Force – 66% • Labor Shortages • Business Partnerships

  19. Early Learning Key to Future Workforce • Return on Investment – (Belfield & Winters Study and others) • Achievement Gap

  20. Working Together • Experience working with companies • Marketing buildings and labor resources to expanding businesses • Resources to help companies stay in business • Entrepreneurial Assistance

  21. Communications • Internet: www.commerce.wi.gov • Phone: See Area Development Manager Map • Entrepreneurs Network: www.wenportal.org • SBDC Answerline: 1/800-940-SBDC

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