#186: 3 ways to Tap into Local City Incentive Packages to Fuel Your Growth (Labor, Capital & Tax Credits)

If you want to learn how to monetize your growth instead of giving your soul (and company) to an investor or bank, then this episode is a must listen to. 

Justin Erickson from EsseX Capital explains how local cities outside of major metropolitan areas are looking to attract smaller privately held companies into their communities… and they’re willing to put their money where their mouth is.  

Why? 

Smaller cities are looking for ways to stimulate their local economy through job growth and new developments. They are attracting businesses by helping find labor, giving very attractive real estate incentives (tax credits, renovation funding, capital, etc.) and even forgivable business loans.

You might be thinking that you need to pick up and move yourself, however that is not the case. There are very logical ways to tap into these hidden markets and funds in a way that makes sense for you and your business. Justin explains how these strategies apply to a business with a few remote workers at a service company up to a manufacturer looking to expand their footprint. 

 I am a huge fan of creativity and learning unconventional ways to tap into savings and capital sources… and this interview sheds some light on strategies I think very few entrepreneurs know of.

I’ve realized that--more than “life after business”--this podcast is about being intentional and growing your business so you can have more options and more freedom in your journey. So my question is, if the name of the podcast changes from “Life After Business” to “Intentional Growth: How to Grow the Value of Your Business with an End in Mind”, would that throw you for a loop? The topics and content would still be the same, the only difference would be the title.

Your opinion is so important to me. Please reach out to me if you have any questions or comments.  You can contact me via email at [email protected], on my LinkedIn, or you can call me at 612-720-6530.

What you will learn:

• The 3 ways you can tap into local governments to fuel your company’s growth
• Why smaller cities are coming to the table with great incentives for smaller private companies
• How to monetize your growth instead of giving up equity or personally guaranteeing your live away
• Why you should look at a smaller community for your next location / relocation
• How to find an untapped labor pool that is ready to work hard
• How smaller communities are using small private companies to fuel their economies
• Why you should look at a local city for capital
• How cities are using tax incentives to entice companies to build in their community
• How local communities are using forgivable loans to attract companies into their city
• How to use a company like EsseX to do all the research and analysis for you for free
• Where the incentives coming from and how they work

Quotes:

“I tell the company, ‘You don’t have to. I can do the legwork. I can find the options for you. And I can bring the communities to you, physically or otherwise.’” – Justin Erickson

“It is fun to see the impact beyond, just engaging with companies, and clients and just getting a paycheck.” – Justin Erickson

“It doesn’t matter what the size of the privately held company that wants to expand, (from labor or building or manufacturing or whatever), should think about this stuff.” – Ryan Tansom

Takeaway:

Always ask. If you know what you want and you can go ask for it and you know who to ask, people like Justin, who know the strings to pull, look at the things that you can do. Another big takeaway is that knowledge is power. If you want more power, check out one of our two-day boot camps.

Links and Resources:

EsseX Capital, website

Justin Erickson, LinkedIn

Justin Erickson, email: [email protected]

Justin Erickson, phone: 621-281-4648

ARKONA Boot Camp

Reach out to me if you have questions about the boot camp! 

You can also reach out to me via email at [email protected], on my LinkedIn, or you can call me at 612-720-6530.

About Justin:

Since 2006, Justin has worked on economic development projects throughout the continental U.S., helping companies determine where to locate operations based on their specific needs.  With a background in finance, coupled with experience working at Fortune 500 companies, a non-profit and private business, Justin is well-suited to work with clients, large and small, in identifying suitable locations for a project.

An affiliated business, Community Venture Network (www.communityventurenetwork.com) has also given Justin an understanding of the motivations of state-based organizations, development agencies, and individual communities, giving him insight not only into the needs of company clients but also in understanding how the public side of these projects work. Justin was raised in Albert Lea, MN and received a BA in Finance from the University of Minnesota.  He now resides in Edina, MN and is married with two children.