Did you know that the Chamber is actually two distinct companies with two separate boards of directors? These two companies are united by a shared staff and one mission: accelerate the Chattanooga area economy.
The first of these companies is the Chattanooga Area Chamber of Commerce, established in 1887 as a business association. Today, nearly 1,500 companies are member-investors.
Through the Chamber of Commerce, member businesses pay dues to support the staff and infrastructure that creates over 200 networking opportunities, a united voice for business-friendly public policies, group buying power, information services (like Trend Magazine) and dozens of other benefits.
The Chamber of Commerce proactively addresses general business issues so that its member companies can focus on managing their individual businesses. Under U.S. tax laws, joining an association like the Chamber of Commerce is a deductible business expense. The second company under the Chamber umbrella is the Chattanooga Chamber Foundation, which was chartered in 1969. The Chamber Foundation has an administrative function, but the overwhelming majority of its resources and activities are devoted to supporting job creation.
Despite its name, the Chamber Foundation has neither an endowment nor a corpus. It does not automatically receive a dedicated portion of local tax collections or receive operating funding through federal appropriation. Instead, the Chamber Foundation raises its funding through a public private partnership (40% public funding to 60% private) involving Hamilton County, the City of Chattanooga and nearly 200 corporate and individual investors. In response to the needs of these investors, the Chamber Foundation is incorporated as a 501(c) 3 non-profit, enabling investors to write off their investment as a charitable contribution.
Through the Chamber Foundation, the Chamber staffs and manages a number of major initiatives, which are all designed to either create jobs directly or position our community to compete in the global economy. These initiatives include:
• The Chattanooga Hamilton County Business Development Center, a facility that supports 59 start-up companies with about 350 employees
• The Center for Entrepreneurial Growth, a program that works with 48 technology-oriented start-up companies to help them achieve their full growth potential
• Existing Industry Program, which works with hundreds of major employers in an effort to retain and expand jobs
• Workforce Development, which delivers a series of career readiness programs to 15,000 8th to 12th graders
• The Education Initiative, which builds cooperative partnerships between businesses and schools to ensure workforce preparedness
• Global Business Recruitment, which represents Chattanooga the world over in the effort to recruit new companies to the area
• International Public Relations and Marketing, which communicates Chattanooga’s business assets through mail and media channels
As you can see, the Chamber is a complicated organization that takes a comprehensive approach to enhancing the local economy, but our bottom line is simple: we do what it takes to create jobs; we’re held accountable by our boards and investors; and we’re structured to provide the best tax advantage for both our association members and our economic development investors.
Tom Edd Wilson is president and CEO of the Chattanooga Area Chamber of Commerce. For more information, please contact him at (423) 756-2121 or tewilson@chatt.
