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Business Retention and Expansion Program | Ohio Sea Grant

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Business Retention and Expansion Program

A Business Retention and Expansion (BRE) program provides the resources, training, and tools to develop community capacity to better understand the local economy. Communities that actively implement an on-going BRE program focusing on the retention and expansion of local businesses will improve the business climate of the community, help make local businesses remain competitive, and stabilize the economy. Existing businesses are important to overall economic growth. Some studies estimate the percentage of net new jobs created by existing firms are as high as 80%, while the most conservative estimates say 40% (Kraybill, 1995)

Published: Sep 16, 2020
Last Modified: Sep 17, 2020
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Contributors

Mr.  Joseph E. Lucente

Mr. Joseph E. Lucente

Extension Educator, Community Development, Ohio Sea Grant College Program

Description

A Business Retention and Expansion (BRE) program provides the resources, training, and tools to develop community capacity to better understand the local economy. Communities that actively implement an on-going BRE program focusing on the retention and expansion of local businesses will improve the business climate of the community, help make local businesses remain competitive, and stabilize the economy. Existing businesses are important to overall economic growth. Some studies estimate the percentage of net new jobs created by existing firms are as high as 80%, while the most conservative estimates say 40% (Kraybill, 1995).