What does BCED mean in DEVELOPMENT

Business Community Economic Development (BCED) is an approach used to revitalize communities and improve local economies. It combines the areas of economic development, community development, and business development to create a holistic strategy for economic growth.

By implementing BCED, it is hoped that lower-income neighbourhoods and regions will become more desirable places to live, work, and play. Community transformation initiatives should also result in job creation, increased entrepreneurship, safe public spaces, increased access to basic services, and improved quality of life.

Development practitioners such as planners or urban designers typically lead the implementation process. Governments at various levels may provide financial support for projects. Local businesses and community organizations often collaborate in setting goals and initiatives as well as participating directly in the effort.

BCED seeks to capitalize on existing resources in the community such as staff members who have specialized knowledge or skillsets; local businesses with capital investments; immigrant networks that bring diverse perspectives; social service organizations that provide resources for vulnerable populations; faith-based organizations that offer structures for engagement; universities offering technical assistance and education opportunities; natural amenities that create public spaces for leisurely activities; etc. All of these factors are used strategically to increase social capital, attract investment from outside sources, create housing stability, create job opportunities and provide access to basic services such as health care.

Examples of projects undertaken under a BCED framework include small business incubators; cooperative banking pools; arts districts with galleries or studios intertwined with cafes and retail stores; youth training programs providing apprenticeships or externships within existing businesses or industries; energy efficient retrofitting programs in low-income housing developments; green infrastructure initiatives such as urban forests or rooftop gardens which improve air quality while encouraging healthy lifestyle habits among residents.

The success of any project can be measured by looking at its economic impact (job creation rate), environmental impact (greenhouse gas emissions reduction), social impact (increase in educational attainment levels), spatial impact (revitalization of vacant land), transportation impact (reduction in commuting times). Additionally qualitative evaluations based on feedback from stakeholders involved can help identify areas where improvements can be made going forward.

While Urban Renewal programs may employ aspects of BCED such as job training or beautification efforts done using civil engineering techniques - these efforts alone cannot capture more complex issues related to poverty alleviation & eliminating barriers posed by unequal access to equitable resources & systemic racism. Furthermore, gentrification often leads to displacement when landlords drive up rental prices unaffordable for longtime residents living on fixed incomes making them move out - creating even higher levels of poverty & inequality within the community than before so it simply is not a viable solution either.

Despite facing many challenges due their complexity & duration - longterm benefits gained from successful BCED strategies make them increasingly attractive options compared short term approaches that lack sustainability like many forms popularized during during neoliberal era which prioritize private interests over public good while failing deliver meaningful improvement.