Due to our mission and commitment to strengthening the local economy, the Business Development Board of Martin County welcomes opportunities to share more about our mission, efforts, and services.
Thanks to our Pulse visits, diverse programming, and annual awards ceremonies—sold-out events for six consecutive years—we’ve expanded our network, forged new partnerships, and secured key achievements in economic development.
Still, some people remain unfamiliar—or even skeptical—about the work of the BDB. We’d like to directly address the more common questions, misconceptions, and criticisms.
What does the BDB even do?
Our primary focus is business retention. Through Pulse visits, we meet with the leaders of local contributory businesses. (These are businesses that derive the majority of their revenue from outside the area and then inject said revenue into our economy.) We then let their insights inform solutions to widespread challenges. Examples range from assisting companies in their expansion efforts to helping manufacturing companies navigate costly new federal regulations, to our ongoing efforts addressing the widespread issue of talent development.
Do BDB retention efforts really prevent companies from leaving Martin County?
A variety of factors contribute to a company’s decision to leave an area. Sometimes, the factors are beyond our control; many times, they’re resolvable. By building trust with key business leaders, understanding their challenges, and producing results, we’re often able to help them find the solutions they need. The simple fact that an agency like ours is empowered to prioritize the concerns of local businesses generates a significant amount of goodwill, which can significantly factor into whether or not a local company relocates elsewhere.
Does the BDB try to attract businesses to our area?
Yes, but to a much lesser degree. Business retention is our priority. After all, as recognized by the International Economic Development Council, 80 percent of net new local job growth comes from existing businesses.
However, we also prioritize attracting businesses in targeted industries that offer higher-skilled, higher-wage opportunities. We collaborate with the Martin County Industrial Development Authority, which offers tax-exempt loans at competitive rates for projects in select sectors. To enhance the overall business climate, we also organize and implement programs, seminars and special events and initiatives—such as informing local businesses on how to access foreign markets or attain much-needed capital.
Speaking of business attraction, weren’t those companies coming here anyway?
Circumstances vary, but oftentimes, no. Martin County intentionally maintains a low profile, which significantly contributes to our quality of life. We therefore only pursue prospects that complement the community’s values.
Why do we need the BDB when we have several chambers of commerce?
All five of the chambers are our deeply valued partners. They do an excellent job creating, among other things, opportunities for their members to network and grow their businesses. We primarily work with contributory companies—primarily in the manufacturing industry and often in the aviation and marine sectors—which are significant in Martin County. These types of businesses serve markets outside our area and tend to rely less on chamber events for customer acquisition.
Some argue that the BDB poses a threat to the county’s comprehensive growth management.
That’s a complete misunderstanding. Martin County’s award-winning comprehensive plan outlines the community’s vision, protects our quality of life, upholds an orderly planning process, and recognizes that our success lies in “maintaining a strong and vibrant economy that is free from overdevelopment.”
Doesn’t the BDB advocate for more development, mainly residential development?
Actually, no. The BDB focuses on helping existing businesses, above all else. We also support industrial development and sustained job creation. In fact, our efforts help the county increase nonresidential ad valorem tax revenue, which can alleviate the need for tax increases on local homeowners.
Some say the BDB is just a pay-to-play scheme.
That’s grossly inaccurate. While we appreciate both private and public sector support, the overwhelming majority of our services and programs are provided at no cost and are fully dedicated to strengthening the entire local economy. Everyone benefits from a stronger local economy.
Some say the BDB is a waste of county tax dollars.
The per-dollar value is a testament to the wisdom of the investment. Founded more than 35 years ago, BDB is contracted by Martin County to perform business retention and expansion services for $465,000 per year. Our business expansion efforts alone have attracted tens of millions of dollars in capital investment. We help diversify our local tax base with additional commercial revenue. This is good economic sense and sound tax policy. Consider: A homesteaded house is taxable only up to three percent, while businesses are taxed up to 10 percent. This illustrates the importance of cultivating a healthy commercial and industrial tax base.
William’s column first appeared in Friends and Neighbors on June 1.
