Economic development corporation

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An economic development corporation ("EDC") is an organization common in the United States, usually a 501(c)(3) non-profit, whose mission is to promote economic development within a specific geographical area. These organizations are complementary to Chambers of Commerce. Whereas a Chamber of Commerce promotes the interests of businesses in a particular geographic area, an EDC typically focus on longer term economic growth by attracting new businesses. Generally, an EDC can be found at the state level to attract business to a particular state. The state level EDC often works closely with local EDCs and may offer low interest loans, grants, tax credits and other economic incentives to attract businesses.

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Further reading[edit]

Blanco, Magdelana. 2009. Preliminary Assessment of Statutory Compliance of 4A and 4B Economic Development Corporations in Texas with the Development Corporation Act of 1979. Applied Research Project. Texas State University. http://ecommons.txstate.edu/arp/300/