An economic development corporation (EDC) is a common organization in the United States. With a great deal of work placed on promoting economic growth and development within a certain geographic area these 501(c)(3), non-profit organizations are in the industry for the benefit of the people in their own area. Basically, their work is promotion and advocacy for economic improvement in favor of the people’s interests.
A Deeper Definition of Economic Development
Progress in the economy is something that takes effort from many corners of the geographic area being addressed. There are also a number of economic development strategies available to apply these steps, which are created by economic development corporations. These strategies are based on the area of the economy, or societal issue, which that particular EDC addresses. The issue addressed, or final goal of the economic development strategy may not necessarily be about the gain of profit or improving their own organization, but more about improving the lives and benefiting the group that is their focus.
There is also the potential for the change of the leading industry within a specific geographic area as the economic development strategy for an EDC. Possibly the work of the organization could be to improve the employment rate for a certain workforce or to transfer the industry of a certain town or region to be more industrial from agricultural, or more commercial from industrial, and so on.
EDCs Also Work to Help Startups
Based on the values of the federal Economic Development Administration, economic development corporations often work to help local startup businesses in many different ways. They often help these entrepreneurs get started filling out their forms and applications that need to be submitted for loans, property, office locations, contracts, and much more.
There is a quick overview of the steps that can be taken for an economical community update. Sometimes if there is a county or regional goal to update the industry or business layout of a certain area, an economic development corporation may spend months or years working on the agreements that need to be made. This can include existing businesses selling office space to the county so that buildings can be sold and demolished, and then the land can be rebuilt for the input of growing industries.