Economic development is a concerted effort on the part of the responsible governing body in a city or county to influence the direction of private sector investment toward opportunities that can lead to sustained economic growth. Sustained economic growth can provide sufficient incomes for the local labor force, profitable business opportunities for employers and tax revenues for maintaining an infrastructure to support this continued growth. There is no alternative to private sector investment as the engine for economic growth, but there are many initiatives that you can support to encourage investments where the community feels they are needed the most.

It is important to know that economic development is not community development. Community development is a process for making a community a better place to live and work. Economic development is purely and simply the creation of wealth in which community benefits are created. There are only three approaches used to enhance local economic development. They are:

To say that economic development is valuable because it brings revenue to communities does not do this profession justice. At its heart, economic development is about building healthy economies in order to have healthy communities.

These are just a few of the ways in which economic development helps communities:

• Increased Tax Base…the additional revenue provided by economic development supports, maintains, and improves local infrastructure, such as roads, parks, libraries, and emergency medical services.
• Job Development…economic development provides better wages, benefits, and opportunities for advancement.
• Business Retention…businesses feel appreciated by the community and, in turn, are more likely to stay in town, contributing to the economy.
• Economic Diversification…a diversified economic base helps expand the local economy and reduces a community's vulnerability to a single business sector.
• Self-sufficiency…a stronger economic base means public services are less dependent on intergovernmental influences and alliances, which can change with each election.
• Productive Use of Property…property used for its "highest and best use" maximizes the value of that property.
• Quality of Life…more local tax dollars and jobs raise the economic tide for the entire community, including the overall standard of living of the residents.
• Recognition of Local Products…successful economic development often occurs when locally produced goods are consumed in the local market to a greater degree.

EBusiness Lending, LLC encourages the creation and retention of high quality jobs through business growth, expansion and retention. Business development services help companies expand or relocate around the country, find and train employees, promote international trade, and finance business expansions.

Whether you're in the initial planning stages of starting a business or guiding your established business through new challenges or new growth, we have business development services to help you succeed.

Industry Specialists provide information to business in targeted industries on financial programs, supply sources, business planning assistance, trade opportunities, strategic partners and venture partners. In addition to technical assistance with proposed projects, specialists actively provide information on markets, technologies, buildings and sites, transportation and other advantages in response to your inquiries and at industry gatherings.

Industry Liaisons are professionals who work closely with a network of partners in creating innovative solutions to meet the recruitment, training and retention needs of businesses in key industries.

EBusiness Lending, LLC's Regional Marketing Representatives are economic development specialists who work closely with companies to locate and expand in communities. They assist businesses with site selection, community profiles, E-commerce Readiness, and other technical and financial services of the department.

And wherever your business is located, Business Services Specialists are available to help you with customized solutions to meet your needs.

EBusiness Lending LLC's Regional Labor Market Analysts provide local expertise on labor availability, wages, benefits and other labor-related information. Drawing upon an array of information resources, Regional Analysts provide customized solutions to labor market questions. In addition, the Regional Analysts are available for groups interested in labor market information, economic conditions and trends.

EBusiness Lending LLC's Marketing Partnership is an alliance of economic developers, utilities, private firms, and the Department of Employment and Economic Development available to help your business with its growth, expansion, and retention needs. This public/private partnership is working together to develop a broad-based marketing initiative to promote Minnesota and its business economy at local, regional, and national venues.

Businesses have many alternatives in acquiring capital for start-up, expanding or relocating.

Becoming eligible for financing through the programs of the Department of Employment and Economic Development depends on a number of factors, including the type of business, size, location, and the kind of financing needed.

An on-line Pre-Application can help us to determine programs and resources that may be available to your community. The Pre-Application enables businesses to apply for financial assistance for multiple projects at a single time on one application form. Its two-part process enables staff to become involved with your project proposal(s) at an early development stage, providing customized assistance and guidance to help make your project(s) more competitive, or to customize a package of technical assistance to form realistic community and/or economic development plans.

Program questions may also be directed to EBusiness Lending LLC's Regional Marketing Representatives. Staff can also provide information about business development and site selection services, industry specialist, community profiles, and other technical services of the department.