Contributors
Description
Retention of existing businesses and community encouragement of local firms’ continued growth has become an essential aspect of many local and regional economic development programs. While attraction of new businesses is a highly visible aspect of most economic development programs, studies have shown that businesses which already exist in a community account for up to 70% of all net change in local employment, and up to 86% in rural areas.
Existing businesses success allows for a strong tax base, increased local spending, enhanced public services, and an overall better quality of life. Additionally, strong local businesses play a key role in the attraction of new business to the area. Satisfied existing businesses can serve as a community’s best ambassadors when recruiting new firms as well as being a source of leads when seeking new firms to recruit.
Recognizing the importance of local marinas, the Lake Erie Marine Trades Association and the Ohio Department of Natural Resources Office of Coastal Management in conjunction with Ohio State University Extension and the Ohio Sea Grant College Program established a BRE (Business Retention & Expansion) Program to assist these companies in achieving their growth objectives and to improve the overall business environment of Ohio’s Lake Erie Marina industry and Ohio’s inland lakes to obtain the most diverse representation from marinas across Ohio.