The economic development corporation (EDC) is a business organization, usually set up as a nonprofit, offering business support and incentives to establish or expand its operations. EDCs can provide financial support through loans and equity investments. They also offer technical assistance, such as help with site selection and workforce training programs. Beyond this, they may also provide public infrastructure improvements and real estate tax exemptions to attract businesses. This article will cover some of these services in detail;
- Site Selection Assistance
This service usually includes help with due diligence, such as environmental assessments and land use planning. It also includes access to an EDC’s real estate portfolio, including shovel-ready sites for businesses ready to expand or relocate.
- Workforce Training Programs
Economic Development Corporations like Team Volusia can help connect businesses with workforce training programs, including adult education centers and community colleges. They may also provide access to employer-specific certification courses.
- Financial Assistance
Often, an economic development corporation will offer loans or equity investments for businesses in the area looking to expand their operations. The best way to learn if your business is eligible for financing assistance is by speaking directly with an EDC executive director in your local area (or state).
- Marketing and Business Development Assistance
This service offered by an EDC aims to turn your company into a thriving brand in your market that becomes synonymous with success in the community. Marketing and business development assistance may include: finding locations for billboards, ads in local newspapers, and other promotional materials; sponsoring community events such as marathons or sports teams; promoting brand awareness through public relations efforts such as press releases and newsletters; or assisting with trade show displays.
- Contract Procurement
Suppose your company is awarded a government contract. In that case, an EDC can help you secure that contract by preparing bids, working closely with the contracting agency to make sure all terms are clear, guiding you through the proposal process, if necessary, business grow, etc.
Overall, EDCs offer a wide range of services that can be helpful to businesses of all sizes. If you are a business owner looking for assistance, be sure to contact your local EDC for more information. With the help of an EDC, you can expand your business, find new opportunities, and obtain the financing you need to succeed.