The Sioux Falls Development Foundation is well known for its work in attracting new businesses and industry to the region. With the creation of Foundation Park, the 820-acre mega park in Northwest Sioux Falls, the Foundation has begun its 10th industrial park designed for new and expanding companies. Since 1954, the Foundation has assisted hundreds of new and expanding companies in finding the right location for their expansion. These new companies are important to the growth of the community but equally, if not more important, is the growth and development of our existing industries.
The Development Foundation worked with the City to fund a position within the Foundation to work specifically with existing companies in the Sioux Falls region. Mike Gray was hired in November 2018 to implement the Foundation's Business Retention & Expansion (BRE) initiative aimed at identifying and assisting existing companies who are looking to grow and expand. Each year, the Foundation visits various businesses discussing their issues, challenges and growth opportunities and connecting them with the right resources in the region to assist them in their growth.
"This information helps the Foundation identify growth sectors and opportunities of our existing industries and gives us direction for programming", said Bob Mundt, President/CEO of the Foundation. "Helping an existing company expand and keep their jobs and their resources here feeds our local economy, supports a proven commodity and is much less expensive than recruiting new companies".
To date, over 120 visits have been made with assistance provided to over 70 businesses. Most of these visits have been with manufacturing companies with the top issues being government services, advocacy, workforce and community connections. Fifteen companies have requested assistance in their expansion and growth plans indicating their expansion in the next year while five companies have been identified as companies at risk to move or be acquired. In addition, 92 percent of the companies rate their business condition as good or excellent, 80 percent are hiring, 85 percent are increasing capital expenditures and 97 percent rate the overall business climate of Sioux Falls as good or excellent.
If you are an existing business in the Sioux Falls area contact Mike Gray at 605-339-0103 or email email@example.com.
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