What is a BRE?
It is a community economic development strategy that focuses on supporting existing local businesses. The strategy provides information on services and resources available to local businesses to help sustain and grow those businesses. Programs and services are delivered by the municipalities, economic development organizations and their partners (such as the Community Futures Chamber of Commerce). It meets with local businesses to identify and address those businesses' concerns, risks, opportunities and challenges; and improves communications between businesses, local government and economic development partners. A BRE strategy complements other economic development programs, such as business attraction & investment, labour force development & attraction, gap analysis, development of local supply chains and entrepreneurship development
Why Should a Community or Region Have a BRE Strategy
A BRE strategy and related programs contribute to community stability through the maintenance and creation of jobs. It helps create a healthy business climate, which leads to a stable or growing local economy. A vibrant business community contributes to a better quality of life for residents and can support visitors and investment attraction.
It is less costly to retain local businesses than to attract new businesses. Local businesses are already committed to your community and its residents. Business retention & expansion programs and services can be implemented and start to work in a brief time period (weeks or months). Since a new business can go anywhere in the world, attracting a new business is a complex, costly, and time-consuming process (2-3 years).
If you have any questions or require any further information please feel free to reach out to our Business Analyst Robin-Lee Vance by phone or email. You can also book a meeting directly with the links below: