Supporting Local Businesses in Flagstaff: The Business Retention and Expansion Incentive
Local businesses are vital to the Flagstaff community, creating jobs and providing essential services while enhancing the local economy. The City of Flagstaff has established the Business Retention and Expansion (BRE) Incentive program to foster this growth.
What is the BRE Incentive?
The BRE Incentive is a grant program for Flagstaff businesses with 1 to 150 employees, offering financial assistance ranging from $5,000 to $30,000. These funds can be used for various projects, such as:
- Purchasing new equipment
- Expanding facilities
- Hiring new employees
- Improving operations
The primary aim is to ensure that businesses continue to thrive in Flagstaff.
How Does It Work?
Unlike many traditional grants, the BRE Incentive evaluates businesses based on their community impact as well as their potential for growth. Applications are assessed on four key factors:
- Employee wages: Businesses that offer competitive salaries receive higher scores.
- Environmental responsibility: Sustainable practices contribute positively to the evaluation.
- Community impact: Companies that engage in community service or partner with local organizations score better.
- Private investment: Businesses that invest their own funds alongside the grant can enhance their scores.
This dual investment strategy allows local businesses to continue their operations while contributing meaningfully to the community.
Focus on Key Industries
The BRE Incentive specifically supports industries crucial to Flagstaff’s economy, including:
- Advanced manufacturing
- Health care
- Bioscience
- Software development
- Clean energy
- Food processing
By backing these sectors, the city promotes job creation and local growth.
Success Stories
Over the years, the BRE Incentive has aided numerous Flagstaff businesses such as:
- Tech Genie
- Chocolita
- Randy’s Downtown Garage
- Flagstaff Optimal Health
- Katalyst Space Technologies
These companies have utilized grants to expand, innovate, and retain quality jobs, each benefiting not just their employees but the entire community.
Environmental Responsibility
The program emphasizes eco-friendly practices, rewarding businesses that adopt sustainable measures like waste reduction and energy saving. This aligns with Flagstaff’s environmental goals while boosting operational efficiency.
Ongoing Support
The Economic Development team in Flagstaff offers continuous assistance throughout the application process and beyond, ensuring businesses have the resources they need to succeed. Updates from grant recipients help the city celebrate achievements and connect them with further opportunities.
Conclusion
As Flagstaff continues to grow, supporting local businesses through programs like the BRE Incentive is crucial for building a strong economy. When these businesses succeed, they not only create jobs but also contribute to the uniqueness of the community.
Key Information:
- The BRE Incentive accepts applications annually from September 1 to October 31.
- For more details on eligibility and the application process, visit chooseflagstaff.com.
By Creag Znetko, Economic Development Administrator for the City of Flagstaff.
