Jonesboro Unlimited set to develop ‘Angel Investment Network’

The Jonesboro Regional Chamber of Commerce is in the midst of its second, five-year strategic growth plan and earlier this year received a $700,000 grant to develop entrepreneurial programs in the region, President and CEO Mark Young told Talk Business & Politics.

Young recently spoke about the initiatives at the Kiwanis Club of Jonesboro meeting. Business retention, expansion and recruitment are among the goals of the plan along with workforce training and development, and improving quality of life metrics.

“We need to tell our story … why Jonesboro is a great place to own a business, work and live. We need to tell that story,” Young said.

Jonesboro Unlimited, the city’s economic development organization, has been awarded a $700,000 grant to support small business development and expansion by the U.S. Department of Commerce’s Economic Development Administration (EDA).

The grant will support the JumpStart Partnership, which will help local entrepreneurs and small business owners find assistance needed to get started and grow. The initiative will act as a single resource to connect entrepreneurs with service providers across Northeast Arkansas. Additionally, it will increase awareness and expand those services by providing more program opportunities, events, and advocacy at local, regional and state levels.

Young, who also serves as the president and CEO of Jonesboro Unlimited, said civic and business leaders have learned during the last several years there is one key element to economic growth that is lacking in the region.

“We need an angel investment network – it’s the missing piece,” he said. “We’re in the final planning stages and will launch in 2025. It’s a regional approach and we are excited,” he said.

The JumpStart Partnership is based on a proven model that has worked for other communities. The project was made possible by the regional planning efforts led by the East Arkansas Planning & Development District (EAPDD) with funding by the EDA under the Disaster Relief Supplemental Appropriations Act of 2023.

The city and region in general has advantages when competing for new business and for expansions planned by existing businesses, Young said. Electricity and water are plentiful and the city has some of the least expensive rates in the country for a city of its size.

Major freeways such as Interstate 555 that connects the region with Memphis and Interstate 57 that will connect Little Rock with the Missouri border and come through the heart of Northeast Arkansas give companies major highway access, he said.

The chamber, with its 1,100 members, and Jonesboro Unlimited have launched several programs and initiatives to try and cultivate job growth. The Teacher Entrepreneurship program has connected 150 area educators with local manufacturers. It gives them first hand knowledge of the types of education and skill sets companies need from students coming out of high school, he said. It allows those educators to craft classroom programs to fit those specific jobs.

A recently launched website, myjonesborojobs.com is a landing spot for those looking for jobs, business opportunities, internships and others in the city, Young said.

Another program, the Jonesboro Leadership program brings together a new class of business and civic leaders each year. Developing the next generation of business leaders will be vital as the city continues to grow and expand, he added.

“We are genuinely lucky to have people who genuinely care about each other and the community … It’s important to me that the chamber be the voice of the business community,” he said.