The
Hamilton County Development Company is tapping local Hamilton County authorities to identify and aid businesses that are ripe for growth or in danger of leaving the area.
With a $30,000 grant from the
Duke Energy Foundation, HCDC launched a Business Retention Council. The Council allows HCDC to take a more proactive approach to business growth and retention, says HCDC President David Main.
The Council is comprised of economic development and other officials from most of Hamilton County's cities and suburbs. It held its first meeting this month.
"We are putting together a list of businesses we feel have the potential for expansion or may be at risk of leaving," Main says. "We want these business to stay in their communities. We hate reading in the papers that businesses left or went out of business when we could have done something about it."
HCDC is a 30-year-old nonprofit business development agency. The Norwood-based organization runs a
business incubator, and is a
small business lender.
HCDC has reached out to businesses in the past, but the Duke grant will allow for a more formal business retention program. Retention efforts are crucial to the local economy, Main says.
"Business expansion and retention tends to be overlooked, but it counts for 80 percent of job creation in any community," he says. "It's important to retain, and if possible, expand existing businesses."
Besides connecting with businesses, the Council wants to create an "early warning" system to alert members of any Hamilton County business that is facing potential challenges. The Council wants to find a way to find businesses before they leave or shut down.
Resources the Council could offer businesses include lending opportunities, business counseling, and marketing and sales support. The Council also wants to facilitate open communication with local government agencies.
"We can't always make a difference, but we want to at least have the chance to do something if a business is considering leaving or in danger of closing," Main says.
By Feoshia H. Davis
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