Economic Development in Upton Profits All

Friday, July 28, 2023

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Sustainable and consistent economic growth is vital to a community’s well-being. Nonprofit organizations are an often-overlooked asset and driver of business support critical to that growth. Many nonprofit development organizations promote economic development by bridging the gap between a community’s public and private sectors. 

The Upton Economic Development Board (UEDB) is a 501(c)4 nonprofit corporation managed by a volunteer board of directors. The UEDB mission describes their desired impact well - “We serve as stewards that promote, develop, and support a strong greater Upton community.”

Nonprofit Significance

Nonprofit economic development organizations catalyze growth and new opportunities in their communities. Their success lies in the fact they typically understand their communities’ needs over years of experience building relationships and intimate local knowledge. Their legal status allows for fewer restrictive regulations than public agencies, resulting in more program efficiency by utilizing public resources and financing assistance. 

The National Council of Nonprofits summarizes these organizations’ significance: “Charitable nonprofits embody the best of America. They provide a way for people to work together for the common good, transforming shared beliefs and hopes into action. They give shape to our boldest dreams, highest ideals, and noblest causes.”

Economic development role

UEDB helps forge close links between community and business leaders to help bring an area’s economic, workforce and community development into the future. Here are the primary ways UEDB can be a valuable resource to help businesses improve their operations and make the Upton community a wonderful place to work and live.

Business retention and expansion

UEDB enthusiastically supports existing businesses because we recognize they are crucial to our local economy. We offer problem-solving services to help them succeed and grow. This might be as simple as providing advice and technical assistance. But we also help companies access public and private financial aid, such as low-interest loans or bonds not available to the general public, to enable renovations, equipment upgrades or infrastructure improvements. We also make it easy to understand and apply for tax credits and other incentives that help businesses grow. Finally, we recognize the workforce is a business’s lifeblood, so we facilitate training opportunities to help your employees grow with you. 

Attract new businesses

Equally as crucial to supporting existing businesses is the ability to attract new endeavors to the area. UEDB promotes site selection so that sufficient unique sites and assets are available for commercial real estate while ensuring enough housing to support workforce needs. 

Support for entrepreneurs and small businesses

UEDB is also a valuable resource for entrepreneurs and small business owners, providing advice, guidance and resources for those starting new businesses. We offer integral services to early-stage firms, such as business planning, site selection and locating financing. From learning to manage the uncertainty of cash flow to making the community connections necessary to get up and running, UEDB has the knowledge to help those getting into the local economic community.

Assistance with workforce development

Finding skilled workers is one of the primary challenges for businesses today. Continued workforce development is critical as well. UEDB works closely with local partners to help find and maintain a strong local workforce. We have the recruitment opportunities and strategies to help businesses locate their needed workers. We also work with local educational institutions to develop the specialized training required for your company. The result is a robust, resilient talent pool for businesses throughout Upton. 

Marketing and promotion

Economic development organizations are at the forefront of marketing the community to attract prospective investors and residents. UEDB promotes our community’s assets and business advantages to create awareness and opportunities. In addition, we have access to a network of community leaders and experienced business owners to facilitate the strategic planning of local stakeholders to develop long-range community plans.

Upton depends on UEDB

The targeted result of UEDB’s activities is the dedication to improving a community’s quality of life. Economic development goes hand-in-hand with community development projects, which are part of the continuous circle of improvement for residents and businesses, ensuring continued growth in Upton.

UEDB can help businesses make the connections to address current stress points standing in the way of their success. Please contact us today to access our wealth of information and resources to help your business grow. 

Contact us with questions or comments about this article. 

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