The Princeton Economic Development Corporation and Community Development Corporation met to discuss a joint initiative to focus on boosting sales for local businesses during a meeting held April 29.
CDC board member Jaisen Rutledge said the goal of the initiative is to find ways to help businesses impacted by the COVID-19 pandemic and other factors, including the February winter storm.
Rutledge said the CDC had previously discussed the possibility of providing an incentive to businesses that met certain performance thresholds to help garner new business.
CDC president Steve Deffibaugh suggested reinstating the voucher program, an EDC initiative where $25 vouchers were mailed to residents to be spent on goods and services from participating local businesses. The vouchers were sent in two rounds, the bulk of which were used at restaurants.
Several other options were also discussed, including an event similar to the Main Street Market organized in the past by the Princeton Chamber of Commerce and a scavenger hunt type activity that would send residents to several local businesses. Ultimately, the two boards decided on a booklet with coupons to participating businesses.
EDC president Sherry Campbell said the coupon book could work by offering a free or discounted meal or service to coupon holders and the businesses would be reimbursed by returning the coupon to the EDC.
“That seems to me like that would work,” Rutledge said.
According to Deffibaugh, the EDC and CDC would cover the printing costs of the booklets, calling it win-win for businesses.
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By Dustin Butler • [email protected]
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