Alaska to Launch Business Retention and Expansion Program
In September, Alaska government leaders and economic development practitioners will have a new tool to monitor business health and economic activity in their communities. The Department of Commerce, Community, and Economic Development (DCCED) announced its plan to launch a statewide business retention and expansion (BRE) program, according to Joe Jacobson, Director of the Division of Economic Development.
BRE programs are a key resource and have an essential role in the overall economic development strategy and planning process by assisting communities better understand local economies. This process allows communities to analyze key factors in their local economy and develop strategies to encourage growth and expansion of local business and industry.
Research indicates the expansion of existing businesses, rather than the creation of new business ventures, has a greater impact on job creation and tax contributions. In the average U.S. community, statistics show 76 percent of new jobs and capital investment are derived from existing businesses. “Helping a business expand may involve assistance in securing financing to purchase new equipment, recruiting or training new workers, or addressing permitting or regulatory challenges.” said Susan Bell, Commissioner of DCCED, “the BRE process helps businesses tackle these issues.”
“The success of BRE initiatives is based on developing ongoing relationships and maintaining proactive connections with local businesses throughout the state,” said Director Jacobson.