In response to a call from Wake Forest Mayor Vivian Jones for an initiative to reach out to the local business base during this difficult economic time, Wake Forest Economic Development has launched a Business Retention and Expansion (BRE) program.

“We want to reach out to our existing businesses to make sure they continue to grow and flourish in Wake Forest, and that they have the resources necessary to do so,” Jones said.

Through an aggressive schedule of business visitations and consultations with a broad array of community partners in economic and workforce development, government, education, and industry, Wake Forest Economic Development stands ready to assist Wake Forest employers in meeting the challenges and opportunities in today’s global marketplace.

Mayor Jones personally launched the program this week, and is planning to make 10 existing industry visits in the first 10 days of the program.

“We want our existing businesses to know that we appreciate having them in Wake Forest, and we want them to know who to contact when they have a need or concern,” Jones said.

Executive Director of the Wake Forest Area Chamber of Commerce Jodi Ann LaFreniere points out that businesses that stay competitive are more likely to remain in the community and possibly expand. A healthy local economy depends on the well-being of a community’s existing firms. She says that efforts aimed at helping local businesses survive and grow in the local community are key to successful economic development.

“Forty to eighty percent of all new jobs are created by existing companies, and therefore it makes sense to have a strong and strategic focus on our existing business base,” LaFreniere said. “The odds are better of attracting new firms if existing ones are happy with the community and feel their needs are being met.”

Economic Development Chair for the Wake Forest Area Chamber Jim Bell agrees.

“Within Wake County approximately 50% of payroll comes from businesses with less than 50 employees, within Wake Forest that number is much higher,” Bell said. “It is very important that we reach out to our existing businesses both small and large to ensure they know that Wake Forest values them. The Mayor and the Chamber, through Economic Development, are dedicated to letting our businesses know what resources are available and that we appreciate them being in Wake Forest.”

The services provided by the BRE program are free. The program serves to listen to companies’ needs and identify all of the appropriate resources, including local, state and private entities, that can benefit businesses and enable them to thrive in today’s economy.

“Many people think economic development is bringing large businesses to the area,” Bell said. “That is part of economic development, but even more important is helping businesses to understand what a great place Wake Forest is to start, relocate and operate a business. The Business Retention and Expansion program will be a great economic development tool to help our community.”

The BRE has outlined several initial services to aid area businesses including:

• Business Expansion Assistance to assist companies as they search for a new physical space and provide information about available programs and infrastructure development
• State Financial Programs to listen to needs and identify possible state financial programs that will benefit companies
• Workforce/Training-Related Assistance to help those in search of new employees or training for current employees. The BRE can direct you to the proper personnel within the Employment Security Commission or community college system
• Local and State Permit Assistance to help businesses navigate through the process
• Act as Liaison to Local Government and assist in making appropriate connections - from permits to Department of Transportation needs, such as traffic signals and turn lanes
• Incentives Information to make businesses aware of incentives available to them, and identify financial programs and tax credits that may be available to companies
• Provide Research Assistance for Local Supplier and Community Data through access to comprehensive research tools and resources that provide demographic data, studies, maps and more

“Initially, we want to demonstrate community support for local business and solve short-term problems. Long-term we want to increase the competitiveness of local establishments and use information gathered as necessary input into the implementation of a strategic plan for economic development,” LaFreniere said.
Information gathered from business visitations will be compiled into an annual report and shared with stakeholders and elected officials at least annually. All information provided by companies is confidential and will only be shared in aggregate form.

Companies interested in scheduling a business visit can contact Jennifer Gaston, economic development coordinator, at (919) 556-1519 or email jennifer@wakeforestchamber.org. Wake Forest Economic Development is a program of the Wake Forest Area Chamber of Commerce.