Economic development: one city's response to difficult economic times.(Cover story)

The Economic Development Foundation's most recent success was establishing a groundbreaking project called the Coral Springs BizAssist program. This initiative is multifaceted and involves a number of city and community partners. Prompted by the dramatic changes that were beginning to take place with the nation's economy, in April 2008 the EDF conducted a business needs assessment survey of 200 local businesses of all sizes to find out what local business owners really need and want. As a result, the city now offers a menu of educational services through college classes, seminars, and workshops. These services involve instruction and counseling in business planning, marketing, and obtaining conventional as well as alternative sources of financing for businesses. Most recently, the EDF held a financial solutions forum designed to help struggling businesses get through these tough economic times. The event was a huge success as financial institutions, the Small Business Administration, South Florida Regional Planning Council, Accion USA (a non-profit organization that offers small business loans of up to $50,000 as well as financial literacy education to small business owners), the Small Business Development Center of Broward, and New Horizon Credit Services (a non-profit credit counseling organization) all lessened business owners' fears and offered them real, pertinent advice on lending standards and ways of obtaining financing and improving their businesses.

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CONCLUSIONS

Just a few years ago, economic development did not generate much excitement it does now, but in the current economic environment, it is one of the most-discussed topics in any city in this country. In dealing with the current situation, jurisdictions need to be proactive rather than reactive, making sure the right percentage of the tax base is commercial and industrial--and, more than ever, that it's the right kind of business and industry. The economic crisis we find ourselves in will resolve, and governments need to start planning now so they will be well positioned for growth when that happens. Old economic development models need to be replaced with tailored new approaches to attracting and retaining commerce. Jurisdictions need to understand corporate strategies and relocation criteria, as well as their competitive advantages and disadvantages, to position themselves for the best and quickest possible economic recovery.

PAUL CAWLEY is executive director of the Coral Springs Economic Development Foundation, Inc., and he is a member of the Broward Alliance Board of Directors. Before joining Coral Springs, he was director of marketing for TPC at Eagle Trace/PGA Tour, general manager at Steel Plus Inc., and a manufacturer's representative at PC Enterprise/T Squared Marketing, all in Florida. And prior to that, he was an elementary school principal in South Carolina and a principal and teacher in Pennsylvania. Cawley has a bachelor's degree in elementary education from Millersville University and a master's degree in educational administration from Villanova University His diverse background and knowledge have enabled him to serve the City of Coral Springs in a multitude of professional areas in addition to economic development.

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