Promote adaptive economic development that encourages innovation and entrepreneurship, supports existing businesses, and attracts new employers.
Support economic innovation and digitization for the full range of businesses, from startups to legacy corporations.
- Increase the number of small business starts and scaling activities
- Increase venture investment in regional startups
- Increase awareness and adoption of new technologies and innovation in existing companies.
- Grow and support the community of entrepreneurs in both urban and rural areas.
- Position Distillery Labs as the center of the region’s innovation ecosystem
- Develop funding mechanisms to address financing gaps for entrepreneurs (innovation seed fund, revolving loan fund, etc.), particularly for historically disadvantaged populations.
- Design programs that support entrepreneurship and small business creation
- Research gaps and opportunities, leverage technology to digitally transform and reposition existing businesses for the digital economy
Develop real estate and infrastructure to make it attractive for investment.
- Increase private investment
- Increase property value and Equalized Assessed Value (EAV)
- Identify key public infrastructure projects that promote investment and business growth.
- Seek funding from local, state, and federal sources to address infrastructure needs.
- Maximize investment in the region’s underdeveloped/underutilized areas (e.g. Enterprise Zones, Opportunity Zones, etc.)
- Maintain and promote an up-to-date directory of public and private incentives to drive business growth and community vitality.
- Create and execute plans to repurpose shuttered facilities, particularly coal power plants, such as in Havana, Illinois.
Grow existing businesses with a focus on ones that provide goods and services beyond the region.
- Increase investment and job growth.
- Increase in regional GDP
- Increase business-to-business (B2B) purchasing within the region.
- Support and market key industry clusters (manufacturing, logistics, healthcare and agriculture).
- Increase export activities and volume (regional, national, and international).
- Develop and expand tools that support business growth (i.e. Foreign Trade Zone, Enterprise Zones, Revolving Loan Funds, Opportunity Zones).
- Increase customer and market diversity of existing businesses, particularly small and mid-size manufacturing enterprises.
- Develop supply chain systems that facilitate commerce between businesses in the region.
- Capitalize on emerging clusters, especially textiles, insurance, and biomedical manufacturing.
Attract investments to the region from national and international companies that lead to job growth.
- Increase foreign direct investment.
- Increase the number of out-of-state and foreign-based firms in the region.
- Increase job growth from outside investment.
- Identify, develop, and market key properties within the region, especially those in low-income areas
- Build relationships with site selectors, consultants, and foreign consulates.
- Develop and market the Greater Peoria DataHub and the resources within.