Engaging Economic Development in the Capital Region
On: May 9, 2017
By: Paul Van Winkle, Finance Specialist
Whether you are the owner of a small business looking to grow into a new location, or a developer looking toward new investments in the region, you can expect a complex web of considerations that will determine the success and profitability of your endeavor. One of the most common issues associated with business growth and development is the conservation of working capital. Often times taking on a new project comes with the overbearing possibility of putting unmanageable risk on the shoulders of your growing organization. These challenges among others set the stage for you to engage your local economic development specialists to help get your project launched and completed.
The concept of economic development is too often viewed as an inaccessible mystical creature in the world of business. It is true that there are many legislated rules and details tied to using economic development programs, but experienced organizations such as CREDC can act as your navigator. Economic development is the process of connecting and catalyzing economic, political, and social resources for the betterment of a region and its people. It is the economic developer’s job to establish relationships and partnerships with many various financing sources including program agencies so that they can serve economies and businesses. For instance, say there is a site that seems to be a perfect location for your business’ new opportunity. The site is plagued with high acquisition costs or improvement challenges that just don’t fit your bill. You know that if you were able to somehow proceed with the project you would generate jobs, produce returns and improve a once blighted site into a thriving business that gives back to the community. You decide that relying on traditional funding sources and other challenges make the project impossible to take on. This is where you can plug in your local Economic Development Corporation. They can talk with you about structuring other sources of funding and other resources into your project that can get it over the hump and see it to success.
The Capital Region Economic Development Corporation (CREDC) is the economic development arm of the Harrisburg Regional Chamber together making a dynamic one-stop resource for businesses. We provide unique business and development solutions through accessing local resources and applying them to business opportunities. The Chamber & CREDC believes that Central Pennsylvania has creative passionate people, access to major markets, and a quality of life that poises it to be a major economic driver. We want to hear from you and discover how you can contribute toward the economic growth of the Capital Region.