Rockville Economic Development, Inc.

Overview

Rockville Economic Development, Inc. (REDI) is a nonprofit organization established in 1997 as a public-private partnership aimed at enhancing the economic landscape of Rockville, Maryland. Initially known as the Greater Rockville Partnership, REDI's mission focuses on fostering business growth, expansion, and retention within the city, contributing to its overall economic vitality. The organization operates as a 501(c)(3) nonprofit entity, providing a range of services to support local businesses and entrepreneurs.

Mission and Vision

The mission of REDI is to identify and develop economic opportunities that promote prosperity in Rockville. The organization envisions Rockville as a modern, competitive city that is conducive to business development in the 21st century. Its core values emphasize a proactive, innovative, collaborative, and impactful approach to economic development.

Services Offered

REDI provides various services to support local businesses, including:

• Site Selection Assistance: Helping businesses find suitable locations for operations.

• Fast Track Development: Streamlining the development process for new projects.

• Demographics and Data Access: Offering real estate data, demographic information, and market trends.

• Access to Incentives and Grants: Facilitating connections to financial resources and governmental incentives.

• Financing Facilitation: Assisting businesses in securing funding for projects and expansions.

• Workforce Development Liaison: Connecting businesses with workforce development initiatives.

• Networking and Referrals: Providing connections within the local business community.

• General Business Guidance: Offering mentorship and strategic advice to entrepreneurs and business owners.

Governance

The governance of REDI is overseen by a Board of Directors composed of business leaders appointed by the Rockville Mayor and Council. The board's composition typically ranges from ten to twenty-five members, ensuring diverse representation from the local business community.

Impact and Contributions

REDI plays a critical role in retaining existing businesses and attracting new ones to Rockville, thereby generating employment opportunities and increasing capital investment in the city. By supporting entrepreneurship and facilitating business operations, REDI contributes to the economic resilience and community development of Rockville.

Partnerships

In addition to its standalone services, REDI collaborates with various organizations, including the Maryland Women’s Business Center, to enhance business opportunities and provide comprehensive support to local enterprises.

Conclusion

Rockville Economic Development, Inc. stands as a crucial asset to the city of Rockville, driving economic growth through its dedicated initiatives and community partnerships. Through its various programs and support services, REDI continues to foster a thriving business environment that benefits the local economy and its residents.