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Plugging into economic development: A story about teamwork « Back to Search Results Featured Item!
Posted on: March 01, 2017
Category: Economic Development

The recipe for economic development – attracting more business and industry to a region – has an increasingly important ingredient: electricity. Once a straightforward utility service, electric service is now a nuanced element of economic success.

Electricity may not be not top-of-mind for some people, so it may be easy to overlook the way power companies contribute to regional business development.

Electric availability and cost are just the beginning considerations when corporations look at a region for relocation or expansion. “While availability and cost competitiveness will continue to be basic needs, electric customers are also asking for more advanced services, and also a partnership with their utility providers,” says Kenny McDonald, chief economic officer of Columbus (OH) 2020, an economic development initiative.

New facets of electric service catalyze the final sale for business expansion.

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Fast Fact Image

The Rural Economic Development Loan & Grant program — known as the Red-Leg program — has available loans up to $740,000 for qualified projects.