EDA Packet 09.18.18 - Laserfiche WebLink

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