Role of Economic Development Corporations

Economic development corporations (EDCs) work to develop economic growth in their local community. EDCs can be found in urban and rural areas, working within their regions. EDC’s roles include:

Attracting New Business Investment

FL economic development corporations are frequently intermediaries between local governments or businesses looking for sites and buildings to rent or buy. They may help potential investors find under-used properties that could be redeveloped. These corporations offer inducements, such as tax breaks or other financial assistance. The corporations also provide contacts with local officials who can help smooth a new business.

Encouraging Local Job Creation

In addition to helping businesses relocate, many economic development corporations create jobs locally. They may offer entrepreneurship training and advice to recent graduates or unemployed workers, help connect businesses with the appropriate workforce, or offer to fund job-training programs.

Supporting Businesses in their Area

Economic development corporations can prepare businesses already in the area to grow and succeed. They may offer networking events, introductions to potential partners or customers, or advice on accessing funding or other resources.

Promoting Sustainable Practices and Long-Term Growth

Economic development corporations often try to improve the quality of life and prospects for their local community, encouraging long-term growth. This might include offering job-training programs or promoting environmentally conscious practices such as recycling and renewable energy.

Promoting Transportation Initiatives

Economic development corporations promote transportation initiatives that benefit businesses or make it easier for people to commute to work. These efforts could fit into any of the previously mentioned categories. For example, a program that attracts new business investment might also increase access to public transit.

An economic development corporation (EDC) is an organization whose goal is economic growth in its local community. They may attract new business investment, create jobs, support businesses, and promote sustainable practices. EDCs may also promote transportation initiatives that benefit businesses or make it easier for people to commute to work.