At Greenbrier Valley EDC, we know that supporting the companies that have chosen to invest in our communities has the best ROI (Return on Investment) for community economic development strategies. Nationwide, approximately 80 percent of new investment and job creation comes from existing companies already in that region. Just as businesses know it is easier to grow sales from existing clients than attract new; we know that supporting businesses here preserves and creates jobs and fosters economic stability and sustainability.
Why BRE programs are Vital Economic Development Strategies
A strong business retention and expansion (BRE) program is crucial for several reasons, and it plays a vital role in supporting the economic health and growth of a community or region. Here are some key reasons why a robust BRE program is important:
- Economic Stability: A strong BRE program helps maintain economic stability by preserving existing businesses and jobs. When businesses thrive and expand, they are less likely to lay off employees or close, which, in turn, helps stabilize the local job market and overall economic conditions.
- Community Wealth: Successful businesses generate revenue, pay taxes, and contribute to the local economy. A thriving business community helps generate revenue for local governments, which can be reinvested in essential services, infrastructure, and community development.
- Knowledge Transfer: Long-standing businesses often possess valuable industry knowledge, expertise, and networks. A BRE program can facilitate knowledge transfer and mentorship opportunities, benefiting both established and emerging businesses.
- Innovation and Growth: Supporting the growth and expansion of existing businesses can lead to increased innovation and competitiveness. Established businesses that receive assistance and resources are more likely to invest in research and development, adapt to changing market trends, and pursue new opportunities.
- Community Identity: Established businesses are often part of the fabric of a community, contributing to its unique identity and character. Preserving these businesses can help maintain a sense of place and cultural heritage.
- Entrepreneurship Ecosystem: A strong BRE program can identify and nurture local entrepreneurs and startups. Established businesses can serve as mentors, suppliers, or collaborators, helping foster a vibrant entrepreneurship ecosystem.
- Quality of Life: A robust local business community can enhance the quality of life for residents by providing access to goods, services, and amenities. It reduces the need for residents to travel long distances for shopping, dining, and entertainment.
Our strategic plan puts current companies front and center of our priorities; we know the best use of GVEDC’s expertise and location assets is to implement and manage an initiative-taking, three-county Business Retention and Expansion program. “Business” in the BRE program acronym is defined as manufacturing/industrial companies, corporate office, commercial, and entrepreneurs in the three-county region. Contact us today for a visit on how we can help your business.
What kinds of support does a BRE program offer?
Businesses may need help navigating local and state regulatory environments or finding land or buildings for future operations. Financing options, new market support, workforce training, and assistance with infrastructure needs are also common areas of support Greenbrier Valley EDC can provide. Whether with us directly or through our large network of partners, we can connect businesses to resources and technical assistance to meet the needs of our existing businesses.
Who benefits from a BRE program?
- The entire community.
- Businesses, of course, benefit from support in solving problems that may prevent moving out of area or closing.
- Community members benefit from having more job opportunities and choices as well as local access to shopping and services.
- The community benefits from a stable tax base, business civic engagement, vitality and local pride.
What does the BRE program look like at Greenbrier Valley EDC?
The Greenbrier Valley is home to some amazing businesses. This summer, we asked just a few about why they choose the Greenbrier Valley for their business to start or expand, and how Greenbrier Valley EDC has played a part. This video holds their unscripted responses and shows the importance of a strong BRE program.
The Greenbrier Valley EDC schedules in person visits to our businesses on an annual basis, and keeps businesses up-to-date on opportunities throughout the year, based on these visits and identified needs.
In the past few months, we’ve renewed our partnership with the WV Department of Economic Development and bring state representatives on our visits. We can also arrange meetings with our large network of partners.
If you’d like a visit, use this quick form, to schedule one today.
We also partner with our local chambers of commerce as well as regional and statewide agencies to bring trainings, informational sessions, and other forms of events for businesses to our region. From existing industry roundtables to resource fairs for entrepreneurs and businesses, look for opportunities to engage with us and other businesses. Be sure to stay tuned to our e-newsletter and watch our socials.
We’re committed to supporting our existing businesses in the Greenbrier Valley. Let us know how we can help your business today.
