EDC recognized for its “expansion toolkit”

The Colorado Springs Regional Economic Development Corporation was recognized for its efforts to help other, smaller communities learn the tricks of the trade in how to help local businesses expand.

The award was given by the International Economic Development Council for the local organization’s “business expansion toolkit,” which includes a manual that outlines ways for communities to allocate attention to business expansion, netting new jobs for Colorado from existing Colorado companies without significant additional investment.

The award was presented Sept. 20 during the International Economic Development Council annual conference in Charlotte, N.C.

“We recognize the Colorado Springs Regional Economic Development Corporation for providing successful strategies to promote new standards in economic development in this period of global recovery,” said Dennis Coleman, IEDC chair. “They demonstrate that they are at the forefront of the economic development profession and are using innovative and effective practices that can be replicated in other communities.”

The Colorado Springs Regional EDC was chosen by the Colorado Office of Economic Development and International Trade to write an “Expansion Best Practices Manual,” which could help smaller communities that do not have the financial means or the manpower to develop an expansion program. The “Business Expansion Toolbox of Resources” is available to all Colorado communities of all sizes and allows them to implement best practices in business expansion and offers cost-effective ways of leveraging existing resources.  Each community can pick and choose the tools that are relevant to their particular area’s needs.

Training presentations on the Toolbox of Resources have been held in several communities throughout the state.  The toolkit project was the first of its kind in Colorado.