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What is BUSINESS RENTENTION AND EXPANSION?
Business Retention & Expansion (BR&E) is a
community-based economic development strategy with a focus on
taking care of, nurturing and supporting businesses already
existing in the community.
Business Retention & Expansion programs have been utilized
throughout North America for over twenty years. BR&E is an
economic development strategy that recognizes the importance of
existing businesses. BR&E programs grew out of the concern that
too much emphasis in rural economic development was placed on
attracting new firms. In fact, many community leaders often ignore
existing businesses and their problems, yet these businesses are
most critical to the local economy.
BUSINESS RENTENTION AND EXPANSION benefits:
- contributes significantly to the growth of the local economy
through job creation, increased property assessment, etc.
- facilitates the gathering of strategic business intelligence,
which can lead to the development of an effective strategic
planning for economic development
- represents a more cost effective approach to economic
development than the attraction of new businesses
- facilitates the development and implementation of actions to
address urgent business issues i.e. early warning system
- acts as a business attractions strategy
- facilitates the development of an improved local business
climate
Important BUSINESS RENTENTION AND EXPANSION
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