Weathering the Storm: Economic Development During a Crisis

The COVID-19 pandemic is shaping the way local government operates in so many ways. Even basic operations like public works, finance, and customer service are impacted by the limitations of person-to-person contact. Of additional concern is what's happening on the horizon--already limited operating revenues will likely be stifled by an economic slowdown that's been unrivaled in recent memory.

One area of operations that straddles these concerns is economic development. If businesses in your community are struggling, this impacts the economic vitality and vibrancy of the entire community. Your local businesses are the lifeblood of the community economy. You've got a duty to be responsive to their needs, and many of the tools you need are already at your fingertips.

In times of crisis, several strategies can mean the difference between temporary economic challenge, and long term impacts. As you evaluate your economic development approach, here are some thoughts that may accelerate your recovery:

• Make Things Easy: Whether its permitting requirements, payment due dates, or just access to information, make sure that information is centrally-located, and your expectations of the business community are clearly outlined. Many communities are creating web-based portals solely dedicated to information about the current pandemic. However you structure your programs and policies, be mindful of the challenges facing the full spectrum of the business community--from mom and pop to multi-national.
• Streamline Access to Resources: Some local governments have existing business support programs. Whether its a revolving loan fund, micro-enterprise fund, or other financing source, re-think and re-tool program guidelines, application processes, and underwriting efforts to ensure that resources can be accessed when businesses need it the most. In the era of COVID-19, a 3-month review process could mean the difference between an active storefront and a vacant one.
• Gather Intelligence (Listen!): If your existing economic development program doesn't have a business retention and expansion program (BR&E), now is the time to get it. Dedicate a staff person or two as points-of-contact for the business community. Surveys, video conferences, and even cold calls can get you a good read on the pulse of the business community. Use this information to shape programs and policies to ensure your getting at the heart of the issues facing the business community.  
• Stay Informed: As local government leaders, we speak fluent federal and state program-ese. Remember that our business community likely does not. In most cases, smaller (and larger) business may not even know where to go to learn about state and federal programs, much less navigate the complex application process. Maintain constant monitoring of the ever-evolving network of state and federal resources, and work to distill guidelines on these programs into useful information for local businesses.

These aren't incredibly complex strategies, but they can be supportive in times of crisis. What local businesses really crave is access to information, and ultimately a streamlined approach to allocation of support funding. Making information readily available, and streamlining access to support programming will ensure that the impacts of this crisis, and those to come, are blunted and as temporary as possible.