Fritch at Lake Meredith Economic Development Fund
Through the Fritch @ Lake Meredith Economic Development (FEDC) Program, Entrepreneurs desiring to expand or establish a business may request up to $10,000 in funding. This request is to be submitted as part of a qualified bankable, business plan. The maximum amount that can be requested is $10,000 and the minimum award request is $1000. Each entrant must request a specific amount of funding and fully justify that request. The Board of Directors will have the discretion to award more or less than the amount requested pending Fritch City Council approval. However, the grant request must be specific, itemized and justified by the business plan.
The FEDC is a Type 4B economic development corporation.
The FEDC meets monthly, the first Monday of the month at 6 p.m. at the City’s Annex Building, 509 W. Broadway. Requests to be placed on the Agenda must be submitted by 5 p.m. the Thursday before the meeting.
For more information contact Bob Layton, director of the FEDC at firstname.lastname@example.org or at City Hall 806-857-3143.
EDC Sales Tax Laws (.pdf)
The Fritch at Lake Meredith Economic Development Corporation
June 27, 2012
104 N. Robey
PO Box 758
The Fritch at Lake Meredith Economic Development Corporation is a Texas state certified entity located in a small Panhandle community.
Our goals have a two prong focus: one is to assist and promote area business; the other is community involvement helping to improve the quality of life. We will network extensively with business and civic organizations.
We plan to accomplish our goals as follows: on the business side, by providing in house services such as marketing support, research, and analysis; also by partnering with out side organizations such as the Texas Economic Development Council and the West Texas Small Business Development Center.
As for community assistance, we will establish a strong working relationship with area civic organizations. And we will partner with outside community support agencies in projects such as grant identification and grant writing.
Business Description and Vision
Goals and Objectives
Vision Statement –
The Fritch at Lake Meredith Economic Development Corporation will be recognized as an efficient and knowledgeable agency helping to lead our community in business growth and contributing to the enhancement of our area’s quality of life.
Mission Statement –
The Fritch at Lake Meredith Economic Development Corporation is dedicated to providing support for existing businesses via tools such as training, analysis and resource identification. Our EDC will offer consulting assistance (internal and external) to expanding businesses. And the EDC will actively engage in market research and relationship building in order to attract new business to our commercial area.
The Fritch at Lake Meredith EDC will partner with other civic organizations in activities such as community needs assessment to ensure that the Fritch area becomes a more attractive place to live, work, raise a family and retire.
Our EDC will constantly strive through training and the recruitment of experienced business persons to elevate our stature in the Texas EDC community and become one of the top EDC’s of cities with populations less than twenty thousand.
Brief History of the Business
The Fritch at Lake Meredith Economic Development Corporation was certified in September 2002 as a Section 4B enterprise. By ballot vote, the EDC as granted ¼ of 1 percent sales and use tax revenue.
The EDC was staffed only by volunteers until June 2012 when it hired a part-time director.
Our EDC, like most EDCs, has experienced success and failure. We strive to build on our accomplishments and learn from our disappointments.
Key EDC Principles
Greg LeFever – President
Bob Layton - Director
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Definition of the Market
Our Business Outlook.
Our business approach has required some significant adjustments in the past few years. The national down turn has not hindered us as much as many due to the strength of the oil and gas industry but we defiantly know we are in a recession. Also, in the early years of EDC planning, LakeMeredith was expected to generate much revenue. The Lake level has dropped over sixty feet in the past few years causing the marina to close and significantly reducing boating, fishing, and camping. This has caused a reevaluation of our prospects and opportunities.
Critical needs of our market.
As always, employment is a major concern. We need to grow our business base. We also need to attract residents to replace those lost over the years. We have community infrastructure and facilities which can easily accommodate slow, steady growth.
We need to provide services to our senior citizens such as quality, affordable housing and an assisted living center.
We also need to offer more recreation and job training to our youth.
Identify your target market.
Our concentration will be the city of Fritch and the surrounding area – about a five mile radius. We also want to sell to those driving Highway 136 through our town. Review of traffic counts provided by the Texas Department of Transportation reveals that a significant number of vehicles pass by Fritch businesses daily. We also want to be a relocation destination.
Products and Services
We offer consulting advice. This service is expensive to contract but available to our clients at no or nominal fees. (Possible fees could be incurred for materials). The same can be said for services such as research, analysis, and marketing support.
Organization and Management
The Fritch at Lake Meredith Economic Development Corporation is chartered by the state of Texas. The EDC is overseen by the Fritch City Council who approves all spending requests such as grants and operating expenses. The Fritch City Manager also provides oversight.
Biographies of Key Managers within the EDC
Bob Layton – Over thirty years experience in consulting, analysis, marketing, and training within these business sectors: financial, medical, retail, manufacturing, and distribution.
Layton received a Bachelor of Science Degree in Business Management from Indiana University.
Mark W. McGuire – Over thirty five years experience in plumbing, mechanical, automotive and construction. Mark is an entrepreneur having created several small businesses.
McGuire holds many certificates and has been a Master License plumber for over 25 years.
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