We ♥️ FTZs: Sure, February 14 is Valentine’s Day and we hope you are treating that special someone extra special. But today is also National Foreign-Trade Zone Day, a nod to a key document in this work, the CBP 214 form. Foreign-Trade Zones (FTZ) are secured, designated locations around the United States in or near a U.S. Customs Port of Entry where foreign and domestic merchandise is generally considered to be in “international commerce” and outside of US Customs territory. As a result, activated businesses in an FTZ can reduce or eliminate duty on imports and take advantage of other benefits to encourage foreign commerce within the United States. Greater Peoria EDC’s own Sally Hanley actually administers FTZ #114, which celebrated its 40th birthday in January of this year. FTZ #114 covers more than just Peoria – it spans a roughly 90 mile radius and covers 24 counties. From Caterpillar in our own backyard to Bell Sports in Champaign County, the FTZ helps reduce cost for manufacturers. If you want to learn more about FTZs, drop me a line and I’ll put you in touch with Sally.
$2 Million and Counting: One of the signature programs of Distillery Labs has been the gBETA business accelerator program. Now entering its fourth year, the program has hit a milestone: gBETA alumni have raised over $2 million in funding. We are so proud of these companies and the wider startup community we have built in Greater Peoria. You can hear more about this milestone in a nice interview with Danielle and Nate from gener8tor. And if you know a startup interested in joining the next cohort of gBETA companies, the deadline for applications is February 28. More information here.
ERC Retreat: Dorsey, Kathie, and Andrea Runge (LEAD) attended the Economic Recover Corps (ERC) annual retreat San Juan, PR at the end of January. The retreat brought together ERC partners, hosts and fellows for a gathering focused on restoration and reflection, providing all an opportunity to share lessons learned, strengthen networks, and gain a deeper understanding of each other’s skill sets. Engaging with local community groups and economic development leaders through field visits and panels offered valuable insights into Puerto Rico’s economic development ecosystem. Dorsey visited Ponce, meeting with leadership from the Economic Development District, Port, and Foreign Trade Zone, while Kathie and Andrea participated in an Urban Revitalization tour, connecting with nonprofits, San Juan city leadership, and entrepreneurs. The retreat also underscored the critical role federal agencies play in shaping economic development, as they offer valuable insights on key strategies at work across the country. The greatest takeaway was the meaningful connections built and the exchange of resources and best practices to support projects in each other’s communities.
Business Walks: Business outreach is the “blocking and tackling” of economic development. Dorsey, in partnership with members of the Logan BRE Committee, organized two business walks in Logan County: one in Mt. Pulaski and the other in Lincoln. Dorsey was joined by Andrea Runge of LEAD and civic and business leaders during the visits. Over the two days, they engaged with 17 businesses to better understand their experiences operating in the community and to inform them about available local resources. The feedback collected from business owners and leaders is now being reviewed by the BRE Committee to identify common challenges and explore potential solutions. These BRE walks are part of ongoing discussions among service providers and leaders across Logan County, working collaboratively to strengthen support for local businesses.
IT Job Fair: Illinois Central College Career Services is hosting the IT Workforce Accelerator Job Fair on Tuesday, April 1 from 3:30 – 5:30 pm at ICC’s East Peoria Campus. They are currently seeking employers to staff tables and engage with job seekers. More information and registration here.
Have a great weekend.
Chris