Success Stories

Starting a small business can be a struggle, and for many entrepreneurs, knowing where to start can either make or break their potential business. Luckily, small businesses in Colorado Springs, Colorado can turn to an entrepreneurial support program, which will meet owners where they are and offer assistance every step of the way.

Exponential Impact launched in 2017, after Colorado Springs city leaders recognized a need for entrepreneurial support in the community.

While the accessibility of credit is vital to the success and growth of small business, research shows that lending to borrowers from marginalized communities continues to lag.1  In 2020, the CARES Act catalyzed a major expansion of the Economic Development Administration’s (EDA) successful Revolving Loan Fund (RLF) program. RLFs provide small businesses access to capital in the form of gap financing to grow and generate new employment opportunities with competitive wages and benefits.  Prior to the onset of the pandemic, EDA’s RLF portfolio boasted a combined capital base of nearly $900 million; CARES Act recovery assistance helped grow the portfolio to more than $1.5 billion.

Over the last few years, many Americans have moved to Florida, making it one of the top destinations for domestic migration. In 2021 alone, more than 220,000 people moved to the Sunshine State.

Coupled with the onset of the coronavirus pandemic, this mass migration put a serious strain on the state’s resources, minimizing its lending power to small, minority-owned businesses and other entrepreneurs. However, with assistance from the Economic Development Administration (EDA), the South Florida Regional Planning Council (SFRPC) is helping many such businesses develop and grow.

With a population of just 11,000, the coastal community of Newport, Oregon has managed to establish itself as home to one of the richest seafaring traditions on the West Coast. It’s a destination spot for visitors from throughout the United States who come to see the town’s working waterfronts and maritime-based attractions, such as the Oregon Coast History Museum, historic Yaquina Bay Lighthouse, and notable restaurants and fish markets. Newport’s Oregon Coast Community College offers the nation’s only degree program in aquarium science. The city also serves as Pacific Fleet headquarters for the National Oceanic and Atmospheric Administration, hosting Maritime Operations Center – Pacific and the survey vessels NOAAS Bell M. Shimada and NOOAS Rainier; since 2005, Newport has been designated an official Coast Guard City.

Agriculture in California is more than just vineyards and avocado groves. According to data from the California Department of Food and Agriculture, farmers in the Golden State produce more than one-third of the United States’ vegetables, two-thirds of its fruits and nuts, and manage more dairy cows than any other place in the United States. In fact California is the largest food-producing state in the country, and a critical lynchpin in the nation’s agricultural ecosystem. It is also globally competitive, producing 80 percent of the world’s almonds and one-third of the world’s processed tomatoes, while remaining a significant exporter of citrus, sushi rice, and other crops. But issues of workforce, water, and land availability are coalescing to challenge the future of food in California.

With just two employees, the Mid-Shore Regional Council (MSRC) may be among the smallest of EDA’s economic development districts. But by leveraging the strength of its regional partners, the MSRC makes an enormous impact on Maryland’s Eastern Shore.

Economic Development Districts (EDD) play a vital role in the EDA grant application process. Comprised of multiple jurisdictions that often cross state lines, EDDs leverage the involvement of the public, private, and non-profit sectors to establish a strategic blueprint for economic development.

Helen Hayes once said that age is unimportant unless you’re a cheese. For the city of Willows, California, that adage also applies to cheese factories. In the mid-2010s, the town’s 100-year-old, family-owned cheese producer was on the cusp of relocating its operations to a new facility in a different area, a move necessitated by its increasingly antiquated factory. The potential loss of this major employer created economic uncertainty in the region.

Whether it’s developing a business incubator, building new broadband infrastructure, or expanding a wastewater management system, economic development is often a heavy-lifting activity. Sometimes, though, no challenge is as great as bridging the divide between academia and practice. At the University of Oregon, the Institute for Policy Research and Engagement (IPRE) is helping Oregon’s economic development community remove the barriers that separate research from action.

​​​​​​​Tewelde’s Lafitte Drugs has operated inside a grocery store in Lafitte, Louisiana, for more than 40 years. It has long served an important role in the rural community of 2,500 people.