BUSINESS RETENTION AND BUSINESS RETENTION AND EXPANSION QUARTERLY EXPANSION QUARTERLY REPORT – Q1 2024 REPORT – Q1 2024
INDUSTRY
The Business Retention and Expansion program is a partnership between the Solano Economic Development Corporation, the County of Solano, and Cities of Benicia, Dixon, Fairfield, Rio Vista, Suisun City, Vacaville, Vallejo, and Winters, to implement a regionwide business retention initiative
BACKGROUND
In 2022, the Solano Economic Development Corporation (EDC) utilized funds from the US Economic Development Administration (EDA) to commission a comprehensive study aimed at assessing the economic landscape and identifying opportunities for growth within the region Through this study, it became evident that there was a need for the establishment of a dedicated Business Retention and Expansion (BRE) manager role within the organization. The study highlighted the importance of nurturing existing businesses to sustain economic stability and foster growth, recognizing them as integral components of the region's economic ecosystem. By leveraging insights gained from the study, a BRE manager would play in facilitating ongoing communication with local businesses, understanding their needs, and providing tailored support and resources to address challenges and promote expansion
STRATEGY
Success of the BRE program is highly dependent on the coordinated efforts with the following key organizations to bring the most resources to supporting the business environment.
City Economic Development Teams: Develop strong collaboration with the economic development teams of each city to support their strategy. Regular involvement in monthly meetings ensures continuous communication and goal alignment. Business retention visits occur either jointly or independently, aiming for a frequency of at least twice a week. Following independent visits, key findings and will be promptly communicated to each city. Additionally, participate in monthly economic development task force meetings to offer insight and assistance in refining the broader regional economic development strategy.
Regional and Local Chambers of Commerce: Engage with regional and local chambers of commerce to enhance existing in-kind relationship to include collaboratively market and provide programs aimed at supporting businesses within the community. To achieve this, participate in roundtable discussions and business issues committee meetings on a quarterly basis, where feedback is gathered to better tailor support to the needs of local businesses.
BayREN Commercial: BayREN is a collaboration of the Bay Area’s nine counties aimed at advancing energy efficiency and sustainable initiatives across the region. Within BayREN, the Commercial program is specifically designed to support small businesses in underserved areas by helping them upgrade to energy-efficient appliances through rebate assistance, which will ultimately lead to long-term reduction in energy costs. As part of our outreach strategy, the Solano EDC entered into an MOU agreement with the Solano Hispanic Chamber of Commerce to engage with new businesses that can benefit from the program. This collaboration has proven successful in generating leads, and we intend to replicate this outreach approach with other community-based organizations in the area.
Workforce Development Board of Solano County: Connected with the business services
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OBJECTIVES
Meet with each city’s economic development teams to understand existing strategies, challenges, and priorities
Coordinate with city’s economic development teams to provide information on programs available to existing businesses
Conduct business retention visits in coordination with city economic development teams/or individually
Report on findings through visitation program and address issues and concerns of businesses
Identify a CRM software to track services provided and communication with businesses which allow for better organization and follow up Serve as key contact for businesses to help solve challenges that hinder growth in the community
Present available services to business owners, chambers of commerce, and other community-based organizations
CITY ACTIVITY
Benicia Conducting business retention visits and reporting findings to City staff
Dixon Received guidance on priority businesses to visit Conducting business retention visits in Q2
Fairfield
Rio Vista
Suisun City
Vacaville
Vallejo
Winters
Participating in recurring monthly update meetings Obtaining business visitation list Conducting business retention visits in Q2
Obtaining business visitation list. Conducting business retention visits in Q2.
Met with Mayor Hernandez, received guidance on priority business sector to visit. Conducting business retention visits in Q2.
Starting up on joint business retention visits with City staff and Workforce Development Board Conducting business retention visits in Q2
Conducting joint business retention visits with City staff and economic development commissioner – once per month.
Met with City staff, Chamber, and Downtown Business Association – developing business retention and attraction strategy.
OTHER ACTIVITIES
Selected a CRM tool – EDC Forge – moved forward with installation and setup for use in the organization as well as uploaded 700+ businesses and organizations into system
Conducted six business retention visits
Attended 25+ chamber and community-based organization events.
Participated in “Latest Development” video filming with the City of Fairfield to highlight BRE program and role.
BAYREN PROJECTS BY CITY:
# of Qualifying Businesses: Yearly kWh Savings: Yearly $ Savings: Project Costs: Fairfield 26 169,543 $64,424 $142,273 Vacaville 21 134,080 $50,949 $120,056 Vallejo 17 121,127 $46,027 $68,459
