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Wythe Bland Leadership Class: Economic Development 101
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Wythe Bland Leadership Class: Economic Development 101

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What is economic development and why is it important to local and state governments? That was the subject for the Wythe Bland Leadership Class held at the Wytheville Community College in Wytheville, ...

What is economic development and why is it important to local and state governments? That was the subject for the Wythe Bland Leadership Class held at the Wytheville Community College in Wytheville, VA. Sandy Ratliff with the Virginia Department of Business Assistance provided an overview of economic development in Virginia and how communities compete for new investment and job creation. Ratliff has over 20 years in economic and entrepreneurship in Rural Virginia.

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Wythe Bland Leadership Class: Economic Development 101 Wythe Bland Leadership Class: Economic Development 101 Presentation Transcript

  • LOCAL AND STATE GOVERNMENT ECONOMIC DEVELOPMENT 101
    Sandy Ratliff
    Business Services Manager
    Virginia Department of Business Assistance
  • The Virginia Department of Business Assistance
    VDBA supports economic development in the Commonwealth by working with new and existing businesses to provide business and economic development communities with:
    workforce incentives
    financing
    business information and counseling
    state procurement assistance
    educational opportunities
    www.vdba.virginia.gov
  • Business Information Services
    To help businesses get started and to grow.
    Formation Assistance
    • Virginia Business Information Center (VBIC) 1-866-248-8814
    • Bridges the 26 state agencies, over 110 regulatory programs and over 300 forms that may touch a Virginia business
    • Virginia Central Business Portal (www.business.virginia.gov)
    • Covers registration, taxation, licensing
    • Interactive business plan available online at www.vdba.virginia.gov or www.vastartup.org
    • 5 Step process to a business plan
  • Growing Your $ales - State
    • Governor’s Executive Order 33
    • $5 billion market - State
    • Access to buyers from 171 state agencies
    • Additional $5 billion from local governments
    • 575 localities using eVA system.
    • Small Business Goal – 40%
    • Over 41,490 registered suppliers
    • Over 13,065 participating buyers
    Ask VBIC = 866-248-8814
  • Examples of Purchasing:
    Instant Ice Tea
    01/01/2009 – 12/31/2009 = $23,455.71 - 46 PO’s
    Novelty – Specialty Advertising Products
    01/01/2009 – 12/31/2009 = $152,905.34 - 152 PO’s
    Grounds Maintenance: Mowing, Edging, Plant (Not Tree) Trimming, etc.
    01/01/2009 – 12/31/2009 = $14,566,567.94 - 1150 PO’s
    Tires and Tubes, Passenger Vehicles
    01/01/2009 – 12/31/2009 = $72,103.64 - 7 PO’s
    Concessions, Catering, Vending: Mobile and Stationary
    01/01/2009 – 12/31/2009 = $6,187,712.31- 11,757 PO’s
    Building Maintenance
    01/01/2009 – 12/31/2009 = $90,611,650.85 - 9285 PO’s
    Earth Moving Equipment Rental
    01/01/2009 – 12/31/2009 = $8,573,333.24 -621 PO’s
    Cleaning Services, Steam & Pressure
    01/01/2009 – 12/31/2009 = $3,358,694.55- 303 PO’s
  • One–on-One Counseling Sessions
    Need Based:
    Accessing New Markets/Sales Growth
    Tailored Sales Development Solutions
    Financing Resources
    Social Media for Your Business
    To schedule an appointment, contact:
    Sandy Ratliff, Business Services Manager
    276-676-3768
    Email: sandy.ratliff@vdba.virginia.gov
  • Entrepreneur Workshops
    • Entrepreneur Express – Targeted to start-up and existing business owners
    • November 1 - Bristol
    • December 9 - Independence
    • Social Media Workshops – Why and how to connect for business.
    • Upcoming Events =
    • November 1– Floyd
    • November 16 – Bristol
    • Adventure Tourism Workshops – November 5 - Wytheville
    • Details and registration info available at www.vastartup.org
  • Virginia JobsInvestment Program
    • Workforce recruiting and training
    • Create minimum 25 net new jobs within 12 months and capital investment of at least $1,000,000
    • Minimum entry-level wage of $10.00/hr required. Only full-time jobs are eligible.
    • Small business workforce recruiting and training
    • 250 employees or less, hiring at least 5 new full time employees within 12 months of operation and capital investment of at least $100,000
    • Minimum entry-level wage of $10.00/hr required. Only full-time jobs are eligible.
    • Retraining
    • Small businesses that are retooling and installing new technologies
    • Company must retrain minimum 10 full-time employees.
  • Financing Programs
    6 different direct and indirect loan programs
    Economic Development Loan fund, Private Activity bonds, loan guaranty program, Capital Access program, Child Care Financing program, Minority loan program
    Generally, you access these programs through your local bank- BB&T, Cardinal, M&T, Adams, Business Bank & Va Commerce
  • The VSBFA ……
    • Not below market rates
    • Not a grant- analyze cash flow and collateral
    VSBFA can help you grow by extending you credit
    Scott Parson- VSBFA Director, 804-371-8256
  • Let’s Talk Economic Development
  • Economic Development– a competitive business.
    15,000 Economic Development Agencies in US.
    8,300 in Europe
    330 in Canada
    Estimated 70,000 on the planet!
    In 2009: ($1 m+ investment)
    2,096 New projects
    2,098 Expansions
    *How can rural Virginia compete?
  • It’s not just build it and they will come
    …it takes quality of life, education, transportation, utility, tax rates, pro-business regulatory, labor (quantity and quality) and money!
  • Economic Development 101
    County/Community Buy-in
    Elected Officials
    Community Leaders & Chamber
    County Economic Development
    Wythe Joint IDA
    Bland EDA
    Support from regional, state & Federal leaders
    Economic/Industry Targets
    Match with Resources
    Labor Skills/Demographics
    Transportation Infrastructure
    Utility (W/S, Electric, Gas)
    Technology Infrastructure
    Existing Industry Demographics
  • REGIONAL ECONOMIC DEVELOPMENT
    MARKETING ORGANIZATIONS
  • Economic Development 101…..
    Develop Product
    Sites/Buildings
    Marketing Materials
    Infrastructure
    Promotion/Finding Leads
    Trade Shows
    Marketing Missions
    Direct Mail
    Associations
    Advertising
    Social Media
    Site Selection Consultants
  • Progress Park
    1,210 acres
    I-81 & I-77 within 2 miles
    Rail Access
    One of only seven SuperSites in Virginia
  • Economic Development 101…..
    The Visit
    Local contact team
    Existing industry leaders
    Utility/transportation
    State & Federal representatives
    Now what………….
    Project specifications
    Match location to specs
    Project cost, land and infrastructure
    # New jobs created
    Company investment
    ROI for County and State
    Incentives Available
    The PROPOSAL
    You WIN /you hope!
  • Tourism – The Other Economic Development Driver
  • Impact of Tourism in VA - 2008
    19.2 billion in revenue
    supported 210,620 jobs
    provided $1.28 billion in state and local tax revenue
    Wytheville Convention & Visitors Bureau and Regional Visitors Center
  • A sustainable economy is made up of a diverse mix of small business, industry and a business supportive government environment.
    It takes all of us working together to be successful.
  • “If you always do what you’ve always done, You will always get what you’ve always got!”
  • Contact:
    Sandy Ratliff
    The Virginia Department of Business Assistance
    276-676-3768
    sandy.ratliff@vdba.virginia.gov
    Online:
    Twitter: http://twitter.com/sandyratliffFacebook: http://www.facebook.com/sandy.ratliff
    LinkedIn - http://www.linkedin.com/in/sandyratliff