Lakewood, New Jersey enjoys a prime location on the Eastern Seaboard. The Lakewood Development Corporation (LDC) is always keen to make prospective businesses aware of the 100 million potential consumers that all live within a 24-hour drive, to whom they will have access if they choose to set up shop in Lakewood. To sweeten the deal, New Jersey as a whole boasts a world-class distribution network of highways, seaports and airports, which all help ensure that customers will have their products distributed to them as quickly and efficiently as possible.
Tailored business
The LDC comprises a small staff of individuals whose economic development experience totals over 55 years. All of its employees have roots in the Lakewood area and, therefore, bring a lot of passion and experience, as well as a personal touch to each of its customers.
Credit must be given to the sales tax incentives and exemptions, tax credits, business loans and grants that those who register with the scheme gain access to
“We enjoy what we do and let that shine through with each business we come in contact with”, explains Patricia Komsa, Executive Director at the LDC. “We have over 550 businesses participating in our Urban Enterprise Zone (UEZ) programme and, in many cases, we deal with them on a one-on-one basis to advocate, mentor and, on occasion, troubleshoot any issues that they may have.”
The LDC plays a role in the overall quality of life in Lakewood. As the administrators of the Lakewood UEZ and Foreign Trade Zone (FTZ) programmes, LDC staff are charged with providing business incentives and ombudsman services to their clients. As a result, they aim to encourage business development, which in turn will lead to job creation and, hopefully, retention of those jobs. By helping businesses to flourish and providing better job opportunities, the LDC hopes to assist in producing a ripple effect that will allow the local economy to go from strength to strength.
Proven results
In the past year alone, the UEZ programme saw a six percent growth in the number of new businesses, while at the same time it enjoyed a 13 percent increase in the number of full-time employees. In addition, the UEZ recorded a six percent increase in total capital investment, with the figure currently standing at well over $42m. But these are not the only reasons why the UEZ has been so well received in Lakewood. Credit must also be given to the sales tax incentives and exemptions, as well as corporate tax credits, business loans and grants that those who register with the scheme gain access to.
“Experience, reputation and perseverance have allowed the LDC staff to develop strong working relationships at both state and local levels”, states Komsa. “As a result, we are fortunate to have a regular dialogue with the state of New Jersey’s Treasury, Business Action Center, and the Economic Development Authority to name a few. Not to mention the fact that our township committee assigns liaisons to our board in order to facilitate the flow of information and assistance between the organisations.”
The business climate in Lakewood is strong, with no signs of slowing down, demonstrating the success of the various programmes run by the LDC. While the UEZ boasts over 550 active businesses, there are actually over 2,000 businesses in this 28-square-mile town and, thanks to the help of the LDC’s professional staff, the future looks bright for Lakewood.