Encouraging Homegrown Businesses in Gallup and McKinley County
2 Jul 2018
Business recruitment is a common, traditional approach used to spur economic growth. Cities will often offer companies tax breaks and other financial incentives to attract them to an area.
While it’s true that the right company can bring in hundreds of jobs and have a dramatic impact on a region, in our global economy this process of courting companies has become more competitive than ever. In more recent years, economic development leaders have been using a wider array of tactics to encourage growth. Business recruitment is still an objective. But it’s not the only one.
Homegrown businesses are creating jobs
Did you know that two out of three new private-sector jobs in the United States since the Great Recession were created by small businesses? Small businesses can have a big impact.
Instead of always looking outward for growth opportunities, the idea is to look inward. There is powerful business potential located within our community. It’s just a matter of taking the right steps to empower entrepreneurs.
The Greater Gallup Economic Development Corporation (GGEDC) is using a more comprehensive approach to facilitate economic development. Because new and existing businesses can thrive if given the right tools and resources. GGEDC consults with area businesses and has programs to assist with aspects such as finding the right property or incentive. Some of these are even listed on our website, such as the:
Local Economic Development Act
New Mexico Job Training Program
Rural Jobs Tax Credit
While traditional measures of economic development such as dollar amount invested and total jobs created are still relevant, some long term measures of building a community from the ground level are more qualitative than quantitative in nature.
Encouraging entrepreneurs at the local level can have ripple effects not just on the economy but on the community as a whole. Studies have shown that independently owned, local businesses return more money to the communities in which they operate.
In addition, entrepreneurs that choose to live in a community are a wonderful resource. They can be called upon for leadership and mentoring. Since they’re connected with the community, they’re likely to support it in other ways, such as through volunteerism and philanthropic gestures.
Our community is proud of our homegrown businesses
Homegrown entrepreneurs are also a great source of community pride. Seeing one person’s success as a business owner can help inspire others and spark innovation.
For more information on how the GGEDC supports homegrown businesses, contact Michael Sage at 505-722-2980.