Question

Economic development of corporations

Answer 1

• An economic development corporation ("EDC") is an organization common in the United States, usually a 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.