Over the past twelve years, the Regional Economic Development Councils (REDCs) in New York have played a vital role in revitalizing New York State's economy through a bottom-up, community-based, and performance-driven approach to economic development. These councils empower regional stakeholders to create private sector jobs, drive private investment, and revitalize cities, towns, and neighborhoods.
The Consolidated Funding Application (CFA) is a key tool used by REDCs to identify and invest in significant economic development projects. It combines core capital and tax-credit funding with various agency programs to support community revitalization and business growth aligned with the REDC plans. This year, Round XIII includes $225 million in grants and tax credits, creating substantial opportunities for businesses.
As New York State continues to make crucial investments to generate economic activity, securing funding through REDCs and CFAs becomes increasingly important. MSPEN Consulting, with its proven expertise and track record, stands out as the premier firm to help you navigate this complex landscape. By choosing MSPEN Consulting, you position your community, nonprofit, and/or business for success by maximizing your chances of securing funding and contributing to the economic growth of New York State.
MSPEN Consulting, led by Morgan Spencer, offers unparalleled expertise and a track record of success in securing funding through the REDC and CFA processes. Morgan Spencer's 18 CFA awards demonstrate deep understanding of the intricacies involved in securing funding in New York State.
The REDC programs for Round 13 provide substantial funding opportunities across various sectors. Here are some key programs and funding allocations from different state agencies:
Whether you're looking for market expansion, innovation support, or community development, this overview will help you understand the funding landscape in New York State. To further explore the opportunities available through REDCs and this year's CFAs, email MorganSpencer@MSPEN.us or call 323-605-1764.
Community development is a complex process that involves identifying and addressing the needs and challenges of a particular group of people. It requires collaboration and coordination among various stakeholders to create a sustainable and thriving community. However, without a clear strategic plan, community development efforts may fall short of their intended goals. Strategic planning is an essential tool for achieving successful community development outcomes.
What is Strategic Planning?
Strategic planning is a process that involves setting goals, identifying resources, and determining the best course of action to achieve desired outcomes. It provides a roadmap for community development efforts and helps to prioritize actions based on available resources and opportunities. It is a collaborative process that involves community members, stakeholders, and decision-makers. For example, where there is an eye on workforce retention, there should also be a complimentary focus on housing needs. Additionally, communities geared towards regional draw can sometimes benefit from increasing the quality of life for existing residents, which in turn generates more lasting appeal from others who visit.
Why is Strategic Planning Necessary for Community Development?
It Identifies Community Needs and Assets - Strategic planning helps to identify the needs and assets of a community. This information is crucial for developing programs and policies that address community challenges and build upon existing strengths. Through a community needs assessment, a strategic plan can identify the most pressing issues affecting the community, such as access to healthcare, affordable housing, or education.
It Builds Consensus and Collaboration - Strategic planning brings together community members, stakeholders, and decision-makers to work towards a common vision. It provides a platform for meaningful engagement, dialogue, and collaboration. By involving diverse perspectives and interests, a strategic plan can build consensus and create a sense of ownership over the development process.
It Maximizes Resources and Opportunities - Strategic planning helps to maximize available resources and opportunities. It provides a framework for prioritizing actions and allocating resources towards initiatives that have the greatest impact. A strategic plan can also help to leverage external funding and partnerships to support community development efforts.
It Helps Meet Changing Community Needs - Communities are dynamic and the world is constantly changing. Strategic planning enables community development efforts to adapt to changing needs and circumstances. It allows for ongoing assessment and evaluation to ensure that initiatives are effective and relevant to the community's evolving needs.
Reach out for Further Details - Oftentimes, there is just not the time to dedicate to strategic planning. MSPEN can assist with that. We guide you through the process, from community needs assessments to implementation and evaluation. We help communities and nonprofits. For nonprofit plans, we place special emphasis on how to realistically grow thorough low-to-no cost marketing efforts and in a way that is not burdensome to your existing team. Contact us today at 323-605-1764 or MorganSpencer@MSPEN.us to learn more about how we can support your community development goals.
Entrepreneurs deserve every opportunity to succeed! Entrepreneurship isn't easy but securing funding to get going or scale up your business is immensely helpful. Here are some opportunities that are available as of October 2022:
FedEx® Entrepreneur Fund
In partnership with Hello Alice and the Global Entrepreneurship Network, FedEx has launched the FedEx® Entrepreneur Fund to provide $300,000 in grants. This program aims to support military-connected entrepreneurs and/or entrepreneurs with disabilities.
Comcast Rise Marketing and Technology Services
This program is a multi-year commitment to providing marketing, creative, media, and technology services to small businesses owned by people of color or women.
Stacy's Rise Project
This opportunity created to help bridge the funding gap for women founders, the Stacy’s Rise Project has been connecting and empowering small business owners for years.
Small Business Growth Fund
This provides the capital entrepreneurs need to make their next big move.
If you apply, let me know how your experience was and if you have any questions. Enjoy!
Morgan Spencer, Business Writing Expert