Albion has launched a variety of economic development initiatives over the last several years. Most of these initiatives have aimed to improve job growth and job quality within the Albion community.
The Albion EDC has also partnered with local educational institutions to achieve three goals: Improve workforce skills through education and training, spur innovation by supporting research and development (R&D) initiatives, and aid the development of new small to medium sized businesses—the major source of job growth.
For more information regarding Albion EDC Development Initiatives, please contact us.
Business retention efforts are a vital aspect of developing a successful, growing community. Approximately 80-90% of community job growth occurs through the expansion of existing businesses. Effective retention efforts lead us to assist with physical plant expansion and increased levels of employment. A healthy business leads to an improved sense of community morale and well-being.
Many of the conditions that must be met to successfully attract a new business must also be in place to retain an existing company. This means that the relationship created between a business (existing or newly recruited) and the EDC doesn’t end when the company first opens its doors. In fact, it should grow stronger as the EDC staff comes to better understand the environment in which each business exists.
Retention efforts follow many different paths. The use of monetary incentives such as tax abatements or grants can be crucial in helping to promote growth and expansion or even just allowing a company to remain in business. The current Guardian expansion project is a good example of the use of local and state incentives to encourage local growth.
Another retention effort is the ability of the EDC to act as an intermediary between businesses and the government (local, state, or federal) or organizations such as utilities. Because the EDC has relationships with individuals at most levels of government the EDC helps promote the needs of a local business to these organizations.
The common theme through any retention activity is that it meets a need that the local business has identified, such as workforce or governmental issues. The EDC ascertains these needs by continuing to build its relationship with the business. It does this through retention calls which are made yearly to every manufacturer in its service area. When applicable, these calls are done in conjunction with efforts by the state to help maintain the relationship there as well.