From time to time, I would like to update the people in the Janesville area on new economic development initiatives and programs. Rest assured that there is “a lot” going on in Janesville’s and Rock County’s efforts to bring more jobs into the area. With the economy steadily improving, Janesville is getting significant interest from companies outside of the city looking at existing industrial space. Just like everywhere else, companies are conducting their site location analyses but are waiting for the last moment to make their site moves and expansions. As many of you may have noticed, the economic news in the media is generally more upbeat that six months ago but most companies want to wait and see if real growth occurs.
According to Jeff Thredgold, economist, US worker productivity has increased 2.8% annually over the past ten years. These increases are critical for U.S. workers to increase their standard of living and reverse off shoring decisions made by many international companies. Recently, the media reported on a local expansion by W.W. Granger, Inc. (formerly Lab Safety) a commitment to create over 130 plus jobs in the next three years here in Janesville. A major factor in this commitment is the productivity of the Janesville area labor force. Acknowledged by Granger this factor was an important consideration in their decision making process, it is one more reason that Janesville and Rock County can effectively compete for company expansions and relocations.
Recently announced, I would like to bring to your attention the Rock County 5.0 “Accelerate Your Business” plan contest which starts in June and concludes in October. Although the winner will receive $10,000 in cash and $15,000 in professional services, I feel that the real benefit for contestants is the opportunity is to get information on how to write a plan as well as professional contacts with accountants, attorneys and others. Simply by participating, one can get the experience and contacts that may benefit you in the future if starting a business is on your mind but you do not know where to begin. Requirements are that you are at least 18, are willing to locate your business in Rock County and have a potential customer base that would be outside of Rock County. Also this is a great opportunity for existing businesses with less than 25 employees and $5.0 million dollars in sales to take your company up to the next level. For more information, contact Mary Rajek, Rock County Business Alliance, 608-757-3160 or check the Rock County Alliance web site at www.rockcountyalliance.com.
In Janesville there is a new loan program focusing on individuals or businesses who would like to start up or expand their business in the downtown area. The Downtown Janesville Redevelopment Loan Program is a public/private partnership between the City and three banks, M&I, Johnson Bank and Chase Bank. Minimum size loans are $10,000 and up with below market interest rates. Eligible uses of funds for this program are façade improvements, code upgrades, equipment purchases and installations. Please recognize that if one has other money needs, such as buying a building, general working capital, inventory purchasing etc. there may be additional conventional loan opportunities through these banks. Additional information is available at the Janesville Design and Development Center (608) 756-3721 or contact Vic Grassman, (608-755-3181) at the City of Janesville.
Recognizing that Wisconsin’s business climate significantly impacts Janesville, the Janesville City Council recently passed a resolution supporting the efforts of the Wisconsin Economic Development Association, the Wisconsin Counties Association and Competitive Wisconsin in their initiative to develop and implement a study contrasting Wisconsin’s business climate with our neighboring states and making recommendations as to how we can improve. This non-partisan study, available in June, will hopefully provide a focal point for economic development discussions between this year’s gubernatorial and legislative candidates. Until next month, enjoy what Janesville has to offer.
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