By Rhonda Phillips
Finished and useful, this textbook permits scholars to attach educational learn knowledge, and demonstrates find out how to most sensible plan the rebuilding, revitalization and improvement of groups using a wide selection of financial and strategic instruments. good points contain; bankruptcy outlines, textual content packing containers, keyword phrases and references.В
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3 Financial capital: community financial institutions, micro loan funds, community development banks, etc. 4 Environmental capital: natural resources, weather, recreational opportunities, etc. COMMUNITY AND ECONOMIC DEVELOPMENT All five types of community capital are important. However, it is difficult to imagine a community making much progress without some degree of social capital or capacity. The more social capital a community has, the more likely it can adapt to and work around deficiencies in the other types of community capital.
As most economic developers will attest, a key to success in economic development – new business recruitment, retention and expansion of existing businesses, and new business start-up – is to have a “development-ready” community. Most businesses operate in competitive markets, and one of the major factors influencing business profitability is their location. When making location decisions, businesses weigh a host of factors that affect their costs and profits such as: • available sites and buildings; • transportation services and costs (ground, water, air); • labor cost, quality and availability; • utility costs (electricity, natural gas); • suitability of infrastructure (roads, water/sewer); • telecommunications (Internet bandwidth); • public services (police and fire protection).
In practice, community and economic developers can broadly be classified into two basic groups: paid professionals and volunteers. As we have discussed, community development is a broad field encompassing all aspects of society – housing, health care, education, transportation, and so on. Therefore, in theory any paid professional in the public or private sector who is working to improve their part of the community in any of these fields is a community developer. Note that the private sector includes private for-profit entities and private nonprofit organizations.