Economic Development (business attraction, expansion and retention) was once the main purpose of most chambers of commerce, but over the years, local government and public-private partnerships have gradually taken over that function. Today, more and more business leaders are calling for local chambers to re-engage in economic development and lead business development efforts in their communities.
The Broomfield Chamber launched the Access Broomfield Economic Coalition (ABEC) in August 2016. The mission of the ABEC is to accelerate strategic economic growth in Broomfield by strengthening business development, job creation and community well-being. The ABEC consists of private sector investors and all ABEC Investors are required to be Members of the Broomfield Chamber.
The ABEC focuses on policies and programs regarding the following six areas:
- Business Climate
A good business climate allows businesses to conduct their work with minimal interference while accessing high quality inputs and customers at low costs (also the common aim of most chamber members). Components of a progressive business climate include:
Infrastructure – the need for fast, reliable, and cost-effective transportation and communications is driven by businesses operating in competitive global markets. The Chamber continues to champion all pro-business infrastructure needs.
Quality of Life – the economic well-being, life-style, and environment that an area offers. This is the aim of any economic development program particularly in workforce attraction and retention.
- Business Retention and Expansion (BRE)
Healthy communities have strong, healthy businesses. BRE programs have increased in importance as communities have recognized that real job growth comes from local business expansion.
- Cluster Development
Clusters are geographic concentrations of interdependent, complementary and/or competing businesses in related industries that trade with each other. Clusters act as a powerful magnet for business location and create diverse pools of skilled workers, central to our economic development efforts.
Entrepreneurs are the engines of the economy we focus on the availability of capital, training, and technical assistance they need to start-up and grow their business in Broomfield including; technical assistance, financing, legislation, marketing, accounting, and networking.
A comprehensive marketing effort to support the attraction, retention, and expansion of businesses; improvement of the community’s image locally, nationally, and internationally; and the promotion of specific policies and programs.
- Site Selection
Every year more than 15,000 communities seek to attract an estimated 100 to 200 new business locations. Given these statistics the Chamber recognizes the necessity to effectively market to real-estate brokers and site selection professionals with current data and responsiveness to inquiries.
For more information on joining the Chamber and/or becoming an investor in the ABEC, please contact Sam Taylor, President and CEO of the Chamber.
Read blog post, “Advocating for Local Broomfield Businesses”.
Read article in The Broomfielder, “Building Broomfield’s Economy: Access Broomfield Economic Coalition”.
Read Jennifer Kerr’s article in BizWest, “Manufacturing Drives Broomfield’s Economy”.
Read Jennifer Kerr’s article in BizWest, “Communities Must Work To Address Housing Affordability”.