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2010.05.10 EDA Packet
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2010.05.10 EDA Packet
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9/1/2017 11:51:44 AM
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Commissions
Meeting Date
5/10/2010
Document Type
Agenda/Packets
Commission Name
EDA
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Hugo Business Retention and Sponsorship <br /> Expansion Program <br /> This program is sponsored by the City of <br /> Communities recognize that helping Hugo, the Hugo Economic Development <br /> existing businesses to survive and grow Authority, Connexus Energy, Xcel <br /> is a vital economic development Energy, Hugo Business Association, <br /> strategy. The Hugo Business Retention Lake Area Bank, Postal Credit Union, <br /> and Expansion Program (BR&E) is Premier Bank, Reimer Photo, and WSB <br /> designed to assist local businesses in and Associates. <br /> thriving and expanding in the city. While BR&E History <br /> the attraction of new businesses and <br /> new business start-ups are important The Hugo BR&E Leadership Team <br /> components of any economic <br /> development strategy, research has approved entering into the Business <br /> shown that forty to eighty percent of new Retention and Expansion Program after <br /> being accepted into the program by <br /> jobs are created by existing businesses <br /> rather than by businesses new to the University of Minnesota Extension. The <br /> community. first Leadership Team meeting took <br /> place in July of 2009. <br /> The Hugo BR&E Program is a <br /> comprehensive and coordinated Business Visits <br /> approach to assisting existing <br /> businesses. Visiting current businesses A total of 38 businesses were visited by <br /> and learning their concerns is only one volunteers during the business visitation <br /> component of the process. The BR&E phase. The Leadership Team and Task <br /> program builds awareness in the Force's goal was to visit an equally <br /> community of issues that face representative sample of businesses <br /> businesses and builds capacity for the from each major industry classification <br /> community to address these issues. in Hugo. Businesses were selected <br /> The program also assists local leaders randomly from within each classification. <br /> and community members in working <br /> together to provide solutions to business During the months of October, <br /> concerns. November and December of 2009, the <br /> Objectives Leadership Team, Task Force and <br /> Volunteer Visitors conducted the <br /> The Hugo BR&E Program has five business visits. The teams had initially <br /> objectives: <br /> identified 70 businesses for visitation. <br /> 1. To demonstrate support for local Visitors worked in teams of two and took <br /> businesses <br /> responsibility for arranging and 2. To help solve immediate business conducting the interviews. <br /> concerns Warning Flag Review <br /> 3. To increase local businesses' ability <br /> to compete in the global economy After the surveys were completed and <br /> 4. To establish and implement a plan returned, the Task Force met to review <br /> for economic growth and each survey and decide how to handle <br /> 5. To build community capacity to the immediate follow-up. The Warning <br /> sustain growth and development. Flag review is designed to identify and <br /> ©2010 Regents of the University of Minnesota. All rights reserved. <br /> 1 <br />
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