It’s beneficial for local organizations to support each other economically, even businesses that otherwise compete. After all, making a neighborhood stronger financially provides positives for everyone and draws in more cash to the area. Here are four ways that you and other organizations can work together to bolster your local economy.
1. Create Neighborhood Fund
Pooling extra funds together with other organizations is effective for creating an emergency neighborhood fund. This extra money can ensure that your area has the resources needed in the event of a severe storm or weather event. Even better, various enhancements that improve your area can be made to make it a more comfortable and relaxing place to live.
2. Help With Applications
There are many types of financing options that local organizations like yours may need to stay strong and solvent. For example, you could help each other apply for loans by providing some capital or credit support that makes this process go more smoothly for you. Just as importantly, you can improve your chances of getting the funding that you need to run your business.
3. Find Grants
There are many business grants available that can keep businesses and organizations running smoothly. For example, according to LinkedIn, small businesses help keep money in the local economy and support other firms within the area. By helping each other get grants for improvements and more, you can ensure that your neighborhood keeps its funds within its borders.
4. Hold Community Events
Lastly, it’s a smart idea to hold various community events that can help raise money and support the community. For example, fundraisers are a great way for you and your competitors to raise cash and support each other. Building relationships with other organizations and forging connections with strong businesses will develop your own projects and day-to-day operations in the long term.
If you’re part of any local organizations and you want to strengthen its ties to your surrounding community, make an effort to build connections with others. Just as importantly, reach out to us to Activate Detroit to learn more about how we can bolster your organization. Our team of professionals looks forward to working with you and understanding how we can develop your company’s economic position.