Economic Development is a deliberate set of programs, policies, or activities intended to improve the economic well-being and quality of life of a community.
The goals of economic development efforts include: creating/retaining permanent higher wage jobs, stimulating private sector investment, growing the community’s non-residential tax base, and helping governments plan for the future. To achieve these goals, Economic Development organizations maintain five strategic focuses.
Below we break down these primary pillars of economic development, and share just a few examples of the roles our organization plays in each:
Business Attraction
Examples of efforts include:
National attraction and marketing, such as
Attending national industry conferences
Pitching local success stories to national media outlets & publications
Maintaining an attractive and informative online presence showcasing our local business community
RFI/RFP proposal response to major employers considering relocation to the area
Site selection assistance for incoming businesses
Permitting/development review, support, and coordination
Incentive coordination at the local, state, and federal level
2. Business Retention and Expansion
Examples of efforts include:
Regular business visits with local and State partners with targeted industry sectors
Coordination of the Mayor’s weekly tours throughout the entire business community
Industry support through connections to specialized groups, including
Manufacturers Roundtable
techfrederick
BioBuzz
And more!
Hosting & promoting networking events, awards, and educational sessions
Advocacy for business-related legislation, and support of infrastructural needs
Coordination of other local organizations’ efforts to strengthen the local business community
3. Small Business Development
Examples of efforts include:
Project kick-off meetings to connect start-ups & expanding businesses providing local resources & advice
Referral assistance to local organizations that provide start-up training, classes and one-on-one business counseling, including:
Small Business Development Center
Maryland Women’s Business Center
SCORE Mentors
Business incubation and acceleration services through partnership with:
Frederick Innovative Technology Center Inc.
ROOT - Business and Technology Cultivation Center
Providing community data to assist in market research and analysis
Administration of City GROW Program to assist small businesses with significant building fit-out costs
4. Neighborhood Development
Examples of efforts include:
Liaison and advisory support to community organizations, including:
Downtown Frederick Partnership
East Frederick Rising
Golden Mile Alliance
DHCD partnership to secure funding for:
Streetscape improvements
Façade and building renovation grants
Development and support of placemaking initiatives
Management of catalytic projects to spur revitalization, including:
Carroll Creek Park
Downtown Hotel
5. Workforce Development
Examples of efforts include:
Partnering with local organizations to link business in need of qualified employees with job seekers and training for existing employees
Frederick County Workforce Service
Frederick County Workforce Service
techfrederick
Downtown Frederick Partnership
BioBuzz
Supporting relationships between educational institutions and business community
Identifying workforce gaps to develop solutions and training opportunities
“Economic Development” covers a truly broad range of initiatives designed to support a thriving local business community. The above only scratches the surface of the work that falls under this umbrella.
To learn more about how the City’s Economic Development team can assist your business, visit businessinfrederick.com OR schedule a meeting to chat with our team via this link.