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Economic revitalization starts on the community level.

Broad strokes won’t paint a pretty national economic development picture. What’s needed is a detailed application of business development on the local level says Steve Mercil, president and CEO of RAIN Source Capital. It’s a ‘ground-up’ initiative that is gaining momentum.

“We’re seeing most economic development programs now recognizing the importance of working locally, focusing on local business for a sustained improvement to the communities they serve,” he says. “It’s a healthy trend that focuses on supporting and improving businesses that already are in the community, not just spending to attract and relocate businesses from elsewhere.”

Mercil sees regional level cooperation as vital to community economic improvement.“There’s positive recognition of the value of a regional economy with a base in the local community. Regions are now working together for efficient knowledge sharing, which is resulting in a flow of capital and expertise,” he says. It’s these regional efforts that are priming the pump for local community economic development.

By Amy Biemiller

Full Story: http://nasvf.org/index.php?option=com_content&view=article&id=177:economic-revitalization-starts-on-the-community-level&catid=5:features&Itemid=38

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