Chamber seeks final $1M for Partnership for Prosperity pledges

The wholly owned subsidiary of the Springfield Area Chamber of Commerce has roughly two months to secure nearly $1 million in private pledges to reach the goal of its second Partnership for Prosperity campaign.

Officials announced the campaign push during a Sept. 10 investor update. The group hopes to raise total pledges of $2.75 million by November, to be collected through 2012, and already has commitments for $1.86 million from 55 investor companies.

“We have to remind ourselves daily that we have $1 million to go,” said Greg Williams, the chamber’s senior vice president of economic development and a campaign organizer.

As with the first Partnership for Prosperity campaign, launched in 2003, the goal is to turn investments from local businesses into rapid growth in work force and corporate development.

Tangible results

Results of the first five-year program are being realized, officials say.

Williams estimates that the money raised through the first campaign will have created $240 million in capital investment in the region when the program comes to a close in December.

Partnership for Prosperity I, which raised $1.8 million from 110 investors, more than doubled its projected employment growth of 12,500 new jobs by the end of 2007, according to the investor prospectus for the second campaign. Since the program began in 2003, the median income growth rate in the Springfield region is 13.6 percent, compared to 11.2 percent in peer cities.

“You can track the number of jobs that have been created and the number of new businesses or existing businesses that have expanded,” said Fred Mathews, president of engineering and surveying firm Mathews & Associates Inc., an investor company. “That reinforced our commitment to continue with it.”

Mathews & Associates contributed $11,000 to the first program and has pledged $25,000 to Partnership II.

Chamber VP Williams said that 40 of the 55 investors currently signed on for the second program are renewals.

“These are organizations that see the value of what we do in economic development,” Williams said.

Focus on future

The original program focused on funding for six elements: regional development, retention and expansion, work force development, health care and higher education, marketing and investor relations.

The new program, which SBDC launched quietly in June, adds global business development and downtown redevelopment to the list of objectives.

John Wanamaker, partner in charge of BKD LLP’s Springfield office and member of the Partnership for Prosperity II steering committee, said the new areas reflect changes in Springfield’s business environment.

“We have to look at what will make us successful in the future,” said Wanamaker, whose company contributed $50,000 to the first campaign and is slated to give $75,000 to the new effort.

“That’s why looking at international business is important; even here at BKD we’ve seen more of our clients getting involved in international trade, and that’s going to continue.”

SRC Holdings Corp. President and CEO Jack Stack, who also serves as honorary campaign chairman, said he’s not surprised that a global initiative is in the program.

“‘Global’ is not such a big word anymore. It’s just like Rogersville and Strafford,” Stack said. “It’s remarkable how small the world really is.”

The effort includes investor briefs from several members of the steering committee, including Commerce Bank Regional President Bob Hammerschmidt. He said he’s encouraged by the number of new companies that have expressed interest.

“I’m not really concerned about the dollar amount they contribute; I want people, even if it’s at the minimum level, to be involved,” he said.

“We’re competing with huge, vibrant communities that have a lot more resources than we do, so we need to broaden our base of support.”

The minimum contribution is $2,500, and the highest membership level starts at $15,000.[[In-content Ad]]