Business retention and expansion is a core component of any economic development program, in addition to efforts to attract new businesses and encourage the creation of new businesses. Business retention and expansion programs assist businesses in an effort to keep them from relocating to other areas; help them survive economic difficulties; assist them with expansions that add new jobs; and increase their competitiveness in the wider marketplace. The focus is thus on existing companies, which form the local or regional economic base. Studies have shown that the businesses already existing in a community are responsible for up to 80 % of all net local.
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