October 14, 2014
The State of Delaware is known as the “Corporate Capital of the World,” due to its incorporation of more than sixty percent of the Fortune 500 companies. There are many reasons Delaware is the perfect state to do business, such as its reputation as a ‘pro-business’ state, proximity to viable markets and accessibility to a highly educated work force.
The state has taken a wide variety of measures to help established small businesses and entrepreneurs take their business from the idea phase to start-up to expansion, making Delaware an excellent choice to start a business.
The Delaware Economic Development Office (DEDO) aids entrepreneurs building a business through various state programs designed to help these start-up businesses develop successfully. DEDO has enabled the success of many small businesses through easy access to incentives, grants and the SSBCI program where businesses receive low interest loans.
Governor Markell has made it part of his agenda “to back small business at every phase of development, with great emphasis on development” –Levin, Alan. “Delaware’s entrepreneurs help drive economy.” delawareonline., 04 Oct. 2014.
Here are Five Top Reasons to do Business in Delaware:
- Delaware # 1 in Economic Output Per Job – According to the U.S. Chamber of Commerce’s 2014 Enterprising States study, Delaware ranked first in the Economic Output Per Job study and fifth in the New Startup Rate study.
- Delaware # 1 in Business Friendliness— CNBC’s 2014 America’s Top States for Business ranked Delaware as the most business friendly state.
- Delaware #2 in Business Incubation –The Beacon Hill Institute’s 13th annual State Competitiveness Report ranked Delaware second for business incubation in 2013, thanks to programs such as the Emerging Enterprise Center (EEC) of New Castle County Chamber of Commerce (NCCCC) which creates a nurturing environment to help early stage businesses grow, develop and succeed.
- The Kauffman FastTrac program ~ A combined effort between DEDO and Delaware Technical Community College, the Kauffman FastTrac program has trained over 300,00 entrepreneurs nationwide by helping them to develop business plans and guides small-business owners who want to take their enterprise to the next level.
- State Small Business Credit Initiative (SSBCI) — The program is designed to enhance access to capital and lower interest rates provided to small business. The plan dedicates $12.1 million to create a new participation program between DEDO, lending institutions and their small business clients and dedicates $1 million to the Delaware Capital Access Program. .
Meanwhile, there a numerous other reasons to do business in Delaware, such as the DEMEP (Delaware Manufacturing Extension Partnership) that helps ‘forward thinking manufacturers’ to remain competitive, the DWIB (Delaware Workforce Investment Board) that offers ‘Employee Training Grants’ or the Brownfield Assistance Program which provides matching grants to owners and developers in order to encourage the redevelopment within the state.
Are you a Delaware Business that has benefited from one of these various programs? Please share with us your story so Delaware can continue to lift up businesses throughout the state and encourage growth and the entrepreneurial spirit!