Page 64 - FDI Alliance International Magazine. Winter 2020 Digital Interactive Issue.

Supporting Existing Business is Critical to

Growing Local Economic Development

The lifeblood of almost every community is This economic development process of growing continue to grow in the community.” Fostering
its local economy, and the backbone of the and retaining businesses in a community is called this growth is an essential component of any
local economy is its existing small businesses business retention and expansion (BRE). BRE is communities’ economic development efforts.
and corporations. According to the US Small defined as “a program designed to strengthen
Business Administration, small businesses (those the connection between companies and the Business Retention and Expansion International
with 500 or fewer employees) make up 99.7% community while encouraging each business to (BREI) works with economic developers across
of all businesses in the nation. Similar numbers
are found in nations across the globe. These
same small businesses have produced 64% of
all new jobs over the past 15 years, and they
make-up a substantial resource for workforce
and community support.

Not only are small and local businesses
essential for workforce numbers, but they are
also paramount for the diversification of said
workforce. Research from BizBuySell shows that
local businesses across Western Europe and
North America are becoming more ethnically
diverse, with increases in ownership from Asian/
Pacific Islander, Hispanic, and African American
men and women.

Statistics like these show the critical need for
economic developers to continue to focus on
ways to grow and retain their existing businesses.

64. FDI ALLIANCE INTERNATIONAL ➡ CEOS KNOW YOUR PURPOSE