In April of 2006, the Jacksonville City Council approved the Jacksonville Economic Development Commission's Public Investment Policy. (Click here to learn more about and download the Policy.) The Policy provides an objective framework in which the JEDC can determine the amount and type of public investment (if any) for which a company is eligible.
The JEDC and its many volunteers placed a great deal of time and emphasis on small businesses in the policy. In fact, small businesses are treated distinctly different so as to be sensitive to their unique nature.
The following are frequently asked questions about small businesses and the JEDC Public Investment Policy. If you need additional information or assistance, please contact Joe Whitaker at 904-630-1624 or email josephw@coj.net.
Frequently Asked Questions
1. Do small businesses have a role in the JEDC Public Investment Policy?
Yes, a predominant one. In fact, the Policy has four specific programs tailored for small business that are unique to their needs. The Public Investment Policy allows the JEDC to utilize these various tools to assist small businesses and distressed areas of the community.
2. Does the Project Evaluation Matrix (PEM) used to score projects favor large business over small businesses?
Not at all. In fact, small businesses are given special preference with the PEM by applying a separate matrix designed specifically for small businesses in which jobs and public investment criteria are uniquely small business oriented. By using a matrix with lower project eligibility requirements, small businesses have a unique place in the Policy.
3. Does the Project Evaluation Matrix (PEM) focus on big business and high wage jobs thereby precluding small businesses that may focus on retail/services?
Small service-oriented businesses in the Northwest have a "leg-up" under the Policy. The Policy gives special consideration to the different wage levels in the county and rewards businesses willing to locate in our most distressed communities. For the first time, the Policy has a retail program to help small businesses provide needed services in distressed areas of our community as defined by the Neighborhood Action Plans, Town Center initiatives and certain commercial corridors.
4. Does the Policy recognize the importance of distressed areas of our community?
Economically distressed areas in the Northwest have a "preferred" status under the Policy. Businesses located in distressed neighborhoods have more opportunities for public investment. The distressed areas are based no a number of economic factors and are ranked relative to all other census tracts in Duval County. As such, the most distressed areas can be identifies and businesses directed to those areas.
5. In what way do small businesses receive special attention in our process?
For the first time, the JEDC links its efforts with those of its small business Public Service Grant partners, such as the First Coast African-American Chamber of Commerce and the Jacksonville Regional Chamber of Commerce Small Business Center. By linking small business advisors to small business candidates, the likelihood of success and sustainability prior to any investment by the tax payer is ensured.
Jacksonville Economic Development Commission
Business Development Division
1 West Adams Street, Suite 200, Jacksonville, FL 32202
(904) 630-1906