Richland County Foundation 5-Year Economic Development Strategy

The Richland County Foundation Board of Trustees recently approved funding for economic development projects.

As part of the Foundation’s $1.1 million, five-year economic development plan, the board approved two scale-up projects to be managed through Braintree Business Development Center. The Phoenix Brewing Company received funding to purchase additional equipment and supplies to maximize the productivity of its brewing systems. Market Brothers, a local brokerage firm, received funding to add an executive sales director to its team.

The scale-up evergreen fund is a pool of money to help minimize a local company’s risk by fronting part of the cost of external services. Scale-up companies typically are at least three years old, make $2 to $50 million in annual revenue and employ 10-99 people. Target outcomes for the funding include increasing jobs, payroll and fixed asset capital investment in the region.

In addition, the board approved a grant request for a business attraction plan from the Richland Community Development Group. The plan includes training for the RCDG staff, data collection, architectural master plans of high priority business sites and fees to display at business attraction trade shows and events.

Foundation President Brady Groves said “Richland County is at a pivotal point in its economic evolution. The groundwork has been laid, key people have been hired, organizations are working together and we are now posed to make significant strides.”

A Strategic Review Committee comprised of Foundation board members and community leaders are tracking the progress and monitoring metrics of the economic plan to ensure positive outcomes in the county. The project will evolve and be adapted as the plan’s objectives are met, or not, over the next couple of years.