1ST QUARTER | JANUARY - MARCH 3322 S Oak Park Ave, 2nd Fl | Berwyn, IL 60402 (708) 788-8100 | info@berwyn.net | @BerwynDevelopmentCorporation@BerwynDevelopmentCorporationBerwyn.net QUARTERLY REPORT 2022
2022 TIMELINE JANUARY - MARCH JANUARY BDC Renewal of the Finish Line Grant in the Harlem, Roosevelt, and Depot TIF Districts Women in Business - Monthly Meeting Berwyn Shops: Informational Session BDC Annual Meeting – Zoom Publication of the BDC’s Annual Report Approval of the Finish Line Grant maximum award increase Tax Increment Financing Joint Review Board Meeting BDC’s Nonprofit Roundtable Monthly Meeting Berwyn Shops Jury Selection and Vendor Review FEBRUARY PAGE 1 Your BDC Membership + Marketing Opportunities! BDC's Nonprofit Roundtable Women in Business Group - Monthly Meeting Berwyn Shops Finalist Presentation Day/Jury Day Publication of the BDC’s Annual Report Presentation of the Tentative 2022 Events Schedule MARCH Your BDC Membership + Marketing Opportunities! BDC's Nonprofit Roundtable Women in Business Group - March Meeting Grand Opening Celebration at The Body Art Bar Business Corridor Roundtable: Depot District Publication of the Bi-Annual Berwyn Vacancy Report Depot District Commercial Corridor Roundtable Approval of the WhyBerwyn? Marketing Campaign Budget
Launch
DavidSincerely,Berwyn.Hulseberg
As the Executive Director of the Berwyn Development Corporation (BDC), I would like to welcome you to our 1st Quarter Report for 2022. Within this report you will find valuable information on how the BDC has contributed to economic development in the City of Berwyn. As in previous years, the BDC focused on outreach, community engagement, and business
The Berwyn Beat is a weekly newsletter targeting residents and visitors of the Berwyn Area. Each week highlights a different topic that encourages local spending. It gives us another opportunity to engage and support members as we share their seasonal offerings and services.
The Berwyn Beat Newsletter E-Blast date: September 3, 2020
LETTER FROM THE
HULSEBERGDAVID
walkoutreach.carefullydistancing,AfterandonthismarketingeducationalneededourSpecifically,retention.weconnectedbusinessownerstomuch-financialresources,trainings,andopportunities.Wedidviaweeklye-blasts,postsoursocialmediaplatforms,updatesonourwebsite.roughlytwoyearsofsocialtheBDCteamalsoreinstatedin-personWeconducted1corridorandhostedmonthlyhybrid events to encourage networking and peer coaching. Collectively, we provided information more than 605 times to existing businesses in our community. Beyond Berwyn, the BDC responded to 11 requests for information from new businesses interested in relocating. Specifically, we marketed Berwyn as a prime destination to prospective businesses by providing details on land, vacancies, and available properties. In addition to sharing vital information, we worked to ensure that our businesses were well-equipped to apply for and receive available funding. In fact, throughout the beginning of 2022, the BDC served as a Community Navigator for Berwyn and the surrounding area. As a Navigator, we facilitated over 165 tailored advising sessions, assisting business owners with state grant applications. With the help of the City of Berwyn, the BDC’s efforts paid off. By the end of Q1, 170 Berwyn businesses received $2,170,000 dollars in Back to Business grant dollars alone. Outside of outreach and one-on-one assistance, the BDC continued offering our Commercial Loan and Microloan Programs to Berwyn businesses not otherwise able to secure financing. We also confirmed our partnership with the Economic Development Administration on our Revolving Loan Fund, as well as maintained our recognition as a certified lender under the DCEO Advantage Illinois Program. We actively marketed these programs to our business community as they allow us to reduce the BDC’s risk profile and issue eligible loans at a lower interest rate.
EXECUTIVE DIRECTOR
Overall, we are proud of our incredible business community and excited for what is to come in 2022. The BDC will continue to expand our resources to aid our business owners and to build a better
PAGE 2 BDC PROJECTS
Subscribers: 1,502 Average Open Rate: JAN: 47% FEB: 45% MAR: 45% *Average email benchmark open rate for all industries in 2022 was 20% according to Campaign Monitor. Click Through Rate: JAN: 2.75% FEB: 1.7% MAR : 1.7% *Average email benchmark click through rate rate for all industries in 2022 was 2.3% according to Constant Contact.
To expand the reach of our economic development resources, we both renewed and modified our Finish Line Grant Program in the Roosevelt, Depot, and Harlem/Cermak TIF districts. In 2022, the BDC obtained approval for a new tier formula, increasing the maximum grant award from $23,500 to $50,000. We also eliminated the requirement that businesses had to have been in Berwyn for over 2 years prior to applying. These changes will allow us to better support larger renovation projects and newer Berwyn businesses. The BDC has $650,000 budgeted for the Finish Line Grant Program in 2022.
The BDC retention program identified the needs of existing businesses in the following ways:b.
The BDC operates the Commercial Loan and Microloan pools to assist community businesses with financing options.
B.
Vendors First Visit to the Berwyn Shops Women in Business Lunch Meeting d.e.
1. The BDC obtained approval for a new tier formula, increasing the maximum grant award for the Finish Line Grant to $50,000.00.
The BDC provided information to 11 new business prospects on land, buildings, demographics, labor force, housing, education, infrastructure, and other relevant information.
The BDC continued to market the Finish Line Grant Program in Berwyn’s Roosevelt, Harlem, and Depot TIF Districts. In 2022, the BDC set aside $250,000 in the Roosevelt TIF, $250,000 in the Harlem TIF, and $150,000 to the Depot TIF.
Miscellaneousiv.ii.i.v.
Businessc.a. Attraction (New Business Prospects)
i. As a result of the BDC’s efforts, 170 Berwyn businesses received $2,170,000 dollars in Back to Business grant funding. The BDC accepted applications for the Berwyn Shops, the upcoming retail incubator located at 6931 Roosevelt Rd. Over 60 businesses were interested in the incubator and over 40 individuals applied to be on the jury committee. c.
CONTRACT
DEVELOPMENT
The BDC agreed to perform the following business attraction services to aid prospective businesses and developers:
The BDC provided information 605 times to existing businesses on economic, demographic, or commercial real estate. Some businesses were contacted with multiple touches, hence the large amount of retention information shared. The primary focus in Q1 2022 was the Back to Business Grant.
The BDC continued to maintain a database of all Berwyn businesses and work with the Permit Administrator to track new business licenses.
A.
The BDC continued its contract with the Illinois Department of Commerce and Economic Opportunity to assist businesses with the Back to Business Grant program. The contract was signed in Q4 of 2021, with services continuing through Q1 of 2022.
C.
i.
2. Business Retention and Expansion (Existing Business Prospects)
BERWYN CORPORATION WITH THE CITY OF BERWYN
The BDC conducted 1 business corridor roundtable and 1 corridor walk and 1 business pulse check survey in Q1. These were completed in the Depot District.
BDC staff reviewed existing incentive programs to make recommendations and provide feedback from the development community. The BDC continued tracking feedback by way of commercial transfer stamps, business licenses, and building permit touches. This information provided is provided to the City of Berwyn by way of the Vacant Properties Report and Building Permit Report on a semi-annual basis.
The BDC updated information on Berwyn’s economic profile, including the available properties map, vacancy information to aldermen, and sales tax data in our annual and quarterly reports. The BDC website was also updated to reflect change in resources and policies from national, state, and local guidance.
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E-BLAST MARKETING RESULTS CONSTANT CONTACT E-BLAST 5,583SUBSCRIBERS WHY BERWYN SOCIAL MEDIA RESULTS OPENAVERAGE43%RATE: 20K25K15K10K5K0 JAN 18,484 FEB 43,084 MAR 103,970 SOCIAL MEDIA & MARKETING REPORT WHY BERWYN SOCIAL MEDIA SOCIALRESULTSMEDIAIMPRESSIONS: 5,428 16,746 29,455 CLICK-THROUGH-RATE:AVERAGE3% PERFORMINGHIGHEST FB POST IN Q1: 575 VIEWS 14 3,696COMMENTSIMPRESSIONS 2,752PERFORMINGHIGHESTIGPOSTINQ1:258LIKES7COMMENTSIMPRESSIONS PAGE 4 FACEBOOK FOLLOWERSINSTAGRAM4.1K+486 FACEBOOK INSTAGRAM FOLLOWERS22K+2,211 AVERAGE 6.39%(AVGENGAGEMENTFACEBOOKRATE<1%)TOTALIMPRESSIONSQ2165,538 AVERAGE 6.27%(AVGENGAGEMENTINSTAGRAMRATEIS1.22%)TOTALIMPRESSIONSQ245,201
