LEDA provides a broad selection of programs and services that meet the needs of headquarters, back-office support, research, manufacturing or distribution related companies and industries looking to relocate or expand in this market.
The LEDA Team’s Number one priority is to make sure all requests are handled confidentially and that all services are provided free of charge. Our recruitment, retention and expansion programs include:
- Gathering and analyzing market and demographic information
- Supplying up-to-date economic data, regional data and information, and labor market analyses
- Conducting workforce assessments
- Supplying utility rate quotes and load calculations
- Assistance with locating a suitable site or building (Available real estate opportunities)
- Connecting clients with community officials, business leaders, brokers and vendors
- Acting as a liaison with local and state offices and agencies
- Providing connections and guidance with local planning and permitting agencies
- Coordinating meetings with allies
- Hosting site visits in Lubbock as well as familiarization tours of the region
- Assistance in compiling state and local incentive programs
- Development of incentive packages
- Providing economic impact analyses
- Foreign Trade Zone (FTZ) Assistance which includes:
- Cost savings analysis report
- Providing connections with customs brokers and the U.S. Department of Commerce
- Facilitating a security analysis of potential FTZ sites
- Providing checklist of items needed to activate FTZ
- Providing liaison assistance to activate FTZ
- Assistance to clients after deciding to expand/relocate to Lubbock including:
- Coordinating press releases and events such as grand openings and ribbon-cutting ceremonies
- Implementing employee recruitment and training programs
Grants, Resources & Opportunities
The Lubbock Economic Development Alliance put together a list of resources to assist individuals and businesses as they navigate grant opportunities available in Lubbock. If you look through the list below and need additional direction please reach out to us.
Non-profit Organizations & Small Businesses
The Lubbock County offices is distributing ARPA funds. The guidelines are available here. A direct link to the application can be found here. If you would like to call the offices for more information or assistance, please call 806-775-1000.
Commercial Revitalization Grant Program
If a business owner and/or property owner is interested in making updates to a building on commercial 34th Street, North University and/or the East side, contact Jorge Quirino with the Lubbock Economic Development Alliance prior to construction for more information related to these grants. His email is firstname.lastname@example.org.
Commercial Revitalization Grant Program Overview MLI with Maps 5.24.23
Downtown Grant Program
If a business owner and/or property owner is interested in making updates to a downtown Lubbock building, contact Jorge Quirino with the Lubbock Economic Development Alliance prior to construction for more information related to these grants. His email is email@example.com.
Economic Development 101
Economic development is a vital activity for any community. It is the process of creating greater wealth within a community by bringing in new “outside” dollars.
This is a job that produces goods and/or services for customers that are predominantly outside the community. This creates new “outside” dollars for the community. Once an employer is paid for the products and/or services, he distributes that wealth in the community through wages paid to employees and through suppliers.
There are two main functions that an economic developer performs in order to attract business.
- Provide information and assistance to companies that are interested in the developer’s community for relocation. Economic developers do not create new jobs. They provide information and assistance to companies who create new jobs. A good economic development program strives to have the most comprehensive and current information available on the following:
- Local demographic data
- Quality of life
- Public infrastructure
- Business assistance programs
- Real estate, taxes & regulations
- Market the community to targeted business industries. Like any company, a consumer won’t buy your product if they aren’t familiar with it. To avoid this, an economic developer’s job is to market the community to businesses in “targeted” or specific industries best suited for the community. Marketing activities often include:
- Website development
- Recruitment trips to targeted areas
- Print advertising
- Site selection conferences
- Multimedia presentations
- Public relations
Retention & Expansion
Economic developers work with elected officials and community partners to ensure that a positive environment for business growth exists in the community. The same things that attract new employers will keep existing firms in the community. These factors include:
- Proximity to markets
- Local labor skills and availability
- Quality of life issues
- Proximity to major universities
- Ease of international travel
- Tax and regulatory environment
- Cost of doing business
- Concentration of existing industries
There are a multitude of reasons why companies choose one location over another. It is the role of an economic developer to understand a company’s needs and to portray the area in a positive light. According to Area Development Magazine’s Corporate Survey 2010 of corporate decision makers, the top 10 site selection criteria are:
- Availability of skilled labor
- Labor costs
- Highway accessibility
- Energy availability and costs
- Availability of telecommunications services
- Tax exemptions
- Occupancy or construction costs
- State and local incentives
- Proximity to major markets
- Availability of land
Economic development does not just involve attracting “outside” dollars. Most communities also include small business development and business creation in their definition of local economic development.