What is an EDC? What does an EDC do?
Thursday, September 08, 2022
Economic growth is the core of a community’s vitality. The ability of businesses to operate and flourish offers jobs for residents increases financial opportunities and improves the overall quality of life in an area. But starting and running a business is a challenging endeavor. From the established company to the entrepreneur looking to start, occasionally these businesses need assistance to achieve success.
Economic Development usually takes three forms:
- Business Attraction
- Business Retention and Expansion
- Business Creation
All three of the forms seek to create primary jobs that pay more than the average wage, increase the amount of income coming into the community from outside our market area, and create greater capital investment in our community. The goal is to attract a diverse group of industries and businesses to help insulate the community from economic shock in case specific sectors should fall on challenges. Economic Development Corporations, or EDCs, are a resource for entrepreneurs with a dream but looking for the right direction to start. They also assist with workforce development and training options.
What is Grow Spink?
The objective of Grow Spink is to stimulate and expand economic, commercial, industrial, and residential development in the area of Spink County, South Dakota. The corporation has the necessary power and authority to assist individuals, firms, corporations, and government bodies and agencies to accomplish these goals.
Grow Spink helps forge close links between community and business leaders to help bring the economic, workforce, and community development of an area into the future. Here are the primary ways they can be a valuable resource to help businesses improve their operations and make Spink County a wonderful place to work and live.
Business Retention and Expansion
Grow Spink supports existing businesses because we recognize they are crucial to our local economy. We offer problem-solving services to help them succeed and grow. This might be as simple as offering advice and technical assistance. We also help companies access public and private financial assistance, such as low-interest loans or bonds not available to the general public, to enable renovations, equipment upgrades, or infrastructure improvements. Finally, we recognize the workforce is a business's lifeblood, so we can connect you with training opportunities to help your employees grow with you.
Support for entrepreneurs and small businesses
Grow Spink is also a valuable resource for entrepreneurs and small business owners, providing advice, guidance, and resources for those starting new businesses. We offer integral services for early-stage businesses, such as business planning, site selection, and locating financing. From learning to manage the uncertainty of cash flow to make the community connections necessary to get up and running, they have the knowledge to help those getting into the local economic community.
Assistance with workforce development
Finding skilled workers is one of the primary challenges for businesses today. Continued development of that workforce is critical as well. Grow Spink works with local partners to help find and maintain a strong local workforce. We work with local educational institutions to develop the specialized training required for your company. The result is a robust, resilient talent pool for businesses throughout Redfield.
Marketing and promotion
Economic development organizations are at the forefront of marketing the community to attract prospective investors and residents. Grow Spink promotes our community’s assets and business advantages in order to create awareness and opportunities. In addition, we have access to a network of community leaders and experienced business owners to facilitate the strategic planning of local stakeholders to develop long-range community plans.
Superior quality of life
The targeted result of EDC activities is the dedication to improving a community’s quality of life. Economic development goes hand-in-hand with community development projects such as adequate housing, and parks and recreation. These projects are part of the continuous circle of improvement for residents and businesses ensuring continued growth in Spink County.
We are here for the Spink community
Grow Spink can help businesses make the connections to address current stress points standing in the way of their current success. Please contact us today to access our wealth of information and resources to help your business grow.
Please contact Grow Spink here, for further assistance with your business needs. As we continue to seek community and citizen input and involvement, your ideas for our growth and future remain a prime resource. Follow us on Facebook and Twitter!
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