We all know economic development would be good for your city, but how are you going to pay for it? Finding the money to get started with growth and development is one of the biggest challenges many cities face.
Funding for economic development in your city can come from several different sources, and you might have access to more than one. Here are four funding sources that you should look into for financing development in your city.
Public-private partnerships are one of the newest, and most popular, ways to fund economic development in your city. These partnerships let your city (the “public” side) and a private or corporate group share both the risks and rewards of economic development. You can get a lot more information about how to create successful Public-Private partnerships on my blog, so click here to read those articles.
Funding for economic development is usually part of a city’s budget. It’s normal to set aside part of the general fund for things like business surveys, site visits, marketing campaigns, and redevelopment efforts. The city can also supply indirect funding by offering incentives to groups looking to build in your city and encouraging public-private partnerships.
Many states have programs to support economic development. It’s important for your city officials to familiarize themselves with what sort of funding and incentives are available in your state. In some cases, states supply funds directly to a city. The state can also incentivize businesses to choose locations within the state for their next expansion site.
Federal programs to support local economic development are available through several agencies. These include the Economic Development Administration (EDA), the Small Business Administration (SBA), and the Department of Housing and Urban Development (HUD). They can offer funding directly to cities and also provide tax breaks for companies building in your city.
Finding The Money
Retail and economic development is always a challenge. And it’s especially daunting when you try to tackle it on your own. Retail Attractions is here to help. We offer consulting services that will assist with all stages of economic development, including locating initial funding. Click here to contact us today and get started.
If you liked this article, be sure to pick up a copy of my new book The Devil’s In the Details: Things that Challenge City Government and the Language of Development. It addresses glaring problems and issues that destroy foundational economic development efforts for cities. It also provides guidelines for how to overcome those issues. You can order this book by clicking here.