The Banking/Finance industry has agreed to participate in two action initiatives to support economic development in this region.

1. Enterprise Formation Initiative

Objective: Foster formation of new companies in emerging industries by providing sources of capital and management.

Activities: Form a jointly-owned venture capital fund.

• Create Venture Fund: Organize a private fund from regional investors ("angels") or establish a group to help start-ups find financing.
• Provide Management Assistance: Help business "spin-offs" from major area companies that could grow in this region, including assistance with business plan, capitalization, market strategy.
• Communicate Availability of Assistance: Promote availability of support for start-ups in planning, financing or operations.
2. Expansion and Attraction Initiative (Flagship)

Objective: Increase volume and speed of business expansion or attraction in the region by providing an organized team for accelerated development.

Activities: Build a coordinated regional development team and process.

• Clearinghouse: Organize a central clearinghouse to provide information and coordinate development.
• Location Development: Create locations for development, such as industrial parks or technology parks.
• Site Preparation: Ensure that sites have adequate available infrastructure before marketing them.
• Uniform Processes: Promote a standardized zoning approval process to make selection of sites easier.
• Development Teams: Establish a real estate development consortium of experienced and knowlEDGEable firms to develop land and buildings for prospective incoming businesses in the region.
• Improved Water Plans: Coordinate efficient waste water plans for development areas in the region; create a consolidated plan or system.
• Market Message: Develop a clear marketing message and communications program to promote this region and its competitive advantages.
• Focus on Suppliers: Shape a specialized message for attracting suppliers of companies to this region.
• Funding for Attraction: Acquire funds for use in attraction, recognizing a need for a balanced playing field for existing and expanding firms.