The Brazos Valley Economic Development Corporation (BVEDC) announced this month that the private sector is its biggest funding partner.
Invest Brazos Valley, a group of private investors, has exceeded $ 350,000 in annual committed funding.
BVEDC officials say it is an important step in the region’s economic development efforts.
Brazos County, the towns of College Station and Bryan, and Texas A&M University each fund BVEDC to the tune of $ 350,000 per year.
Testimonial from the Brazos Valley Economic Development Company:
Collectively, the private sector is now the largest financial partner of the Brazos Valley Economic Development Corporation.
Invest Brazos Valley (IBV), the private investment group supporting the work of BVEDC, exceeded $ 350,000 in annual contributions on October 26 with the pledge of real estate investment company Caliber to join its members.
The organization’s Category I funding partners are Brazos County, Town of College Station, Town of Bryan, and Texas A&M University. Each finances BVEDC to the tune of $ 350,000 per year.
“Our staff have worked diligently to approach companies to join the economic development team effort, and many have answered the call,” said Matt Prochaska, president and CEO of BVEDC. “Business leaders looking to launch, grow and localize operations want to be in a place where they see unity, partnership, energy and potential. Invest Brazos Valley is a great demonstration of these key elements. We cannot thank our IBV members enough for their commitment and support in the past, present and future.
Over the past few months, the leaders of BVEDC and IBV have worked to prepare for this landmark event in the history of the economic development organization. Reviews and revisions aimed at strengthening the BVEDC statutes were discussed in order to allow the Brazos Valley business community its most effective representation within the organization.
“I am honored to serve as the Managing Director of Invest Brazos Valley and I could not be more delighted to see the commitment and trust that the business community has placed in the Brazos Valley Economic Development Corporation,” said said Amos McDonald. “Today is a great day for the community and another example of the excellent work done by the entire BVEDC team to help businesses get started, grow and gain a foothold in the Brazos Valley. “
By reaching $ 350,000 in annual contributions, IBV obtains a third seat on the BVEDC board of directors like each of the category I partners. The new seat will first be held by McDonald’s and will formalize the CEO of IBV occupying a sits on the board of directors.
Companies join IBV at one of two levels: Board of Directors at $ 5,000 per year and Visionary at $ 2,500 per year. Businesses at both levels partner in economic development work for the community and benefit from regular networking opportunities, extensive data and information, and access to higher levels of the local business ecosystem. More extensive benefits are available to members of the Board of Directors.
At the close of Fiscal Year 2017, Invest Brazos Valley had just crossed the $ 100,000 mark in cash and in-kind contributions. As a new team of BVEDC staff was assembled over the following months, IBV reaching the $ 350,000 mark, along with Category I partners, was actively discussed by the board management and partners of the private sector. The creation of a five-year economic development strategy also included the objective of dramatically increasing the engagement of the private sector in the community’s economic development work. Since then, BVEDC has prioritized expanding its involvement and partnership with local businesses through additional benefit offers for IBV members and increased communication.
Businesses in the Brazos Valley saw an opportunity to partner with economic development during the pandemic to create a stronger community to work during and beyond health and economic downturns. The 2020 calendar year ended with 14 more IBV members than at the end of 2019, with over $ 250,000 per year committed to the BVEDC.
So far in calendar year 2021, 30 new companies have signed up to join IBV, far surpassing the single-year record of new memberships.