USA Hopes to 'Attract & Retain'
With largely unimpressive employment figures and sagging consumer confidence, the Obama administration is seemingly pulling out all the stops in its economic arsenal. It has focused on small businesses--touting its 17 tax cuts for small business owners—as well as new businesses through its support of programs like Startup America and the Global Entrepreneurship Program. And now it is looking to get into a bit of good old traditional economic development, trying to attract and retain businesses—convincing them to select US locations to either start or expand operations.
Commerce Secretary Gary Locke announced the new effort--SelectUSA.gov--at an event at the Business Roundtable last week in Washington. He explained that the program would help US states and local economic development entities navigate "red tape and federal hurdles" and was necessary since the U.S. is the "only developed economy in the world without a national-level investment program and advocacy program."
The new initiative targets three types of firms: foreign firms looking to expand, domestic firms looking to expand, and foreign and domestic firms looking to reorganize or return their operations to the United States. The site offers:
- A searchable guide of federal programs and services available to businesses operating in the United States—including grants, loans, loan guarantees, and tax incentives;
- Industry snapshots that describe the competitive landscape; and
- A catalogue on “Why to Select the USA?” that explains the advantages of operating a business in the United States.
Learn more at SelectUSA.gov.