Invest in the Best

guest commentary submitted by Craig Rivaldo, president of Arvest Bank-Fort Smith, and chairman of the “Invest in the Best” 2010-2015 economic development fundraising campaign of the Fort Smith Regional Chamber of Commerce

You might think raising money for Economic Development efforts, to stimulate commerce in our community, is something new, but it is not new to Fort Smith or the region. In fact, we (the Chamber) have been doing it for 100 years, the following is an excerpt from a history of the Fort Smith Chamber of Commerce: “In 1913, the year’s most successful project was the raising of $50,000 to bring the Best Clymer Sorghum Factory, at the time the world’s largest sorghum factory, to Fort Smith. (Note:  The factory opened in November 1914 with an estimated project cost of $125,000 and employed ‘100 skilled workers.’)”

As you can see from the history, we have for nearly a century raised private funds to use as seed money to entice companies to move to the Fort Smith region.

I recently got involved to chair the “Invest in the Best” Economic Development Capital Campaign for the Chamber. Why? It probably has something to do with my passion and love for the region. I know if we do nothing, the future of this region is at risk. Because of pride and strong ties to the region, I want to see this region thrive.

Additionally, I have learned that many business leaders feel the same way. As I have worked with this campaign over the past few weeks, it has been unbelievable to me the overwhelming support and complete understanding from our business community regarding the importance of resources used to lure and entice businesses to move to the Fort Smith region.

Over the last couple of years, there are many examples where the chamber, in conjunction with the local cities and state, has used money to attract businesses to the area and/or helped retain and expand existing businesses. Some of the most notables are:  Mitsubishi Power Systems Americas Inc., Experian, MARS Petcare, and the recent Golden Living expansion.

One of the strongest economic development tools we have enjoyed since 2005 has been the private, local cash incentive dollars that have been available to us through the Fort Smith Chamber’s “Jobs for the River Valley” Economic Development Campaign Funds.

In 2005, $2.7 million was pledged in cash by businesses, individuals, and organizations to assist in economic development. Those funds were used in combination with $10 million from the Arkansas Governor’s Quick Action Closing Fund to work with 19 companies in recruitment, expansion and retention resulting in direct capital investment in the Fort Smith region of more than $380 million and creating 3,500 direct jobs. These numbers are astounding and prove the impact an Economic Campaign can have on a community.

The “Invest in the Best” campaign has a goal of raising $2 million by May 31. As of March 1, we had raised an estimated $600,000, and to date, have reached the $1 million mark. Many companies, individuals, and organizations are considering their level of giving to the campaign and based on their comments, we anticipate another $500,000 from those businesses that have already been contacted. This brings the estimated total to $1.5 million. I continue to be optimistic we will reach the $2 million mark; however, we continue to need the community’s support.

A huge THANK YOU goes to Paul Harvel, chamber president; Cheryl Garner, chamber economic development vice president; and the chamber staff for their tremendous effort. They have carried the torch on this campaign and it’s because of them we have had success to this point.

In these difficult economic times, it is more important than ever that we all work together just as our chamber did over 100 years ago — to keep the economic future of Fort Smith strong!