Economic Development Agency

Find economic development agencies, departments and corporations. Economic development agencies provide information on resources for economic growth through the expansion of local businesses and by attracting new business and tourism.

What is an Economic Development Agency?

Economic development agencies are responsible for economic growth, business development, and industry expansion. State and city economic development agencies, departments, corporations, and partnerships work independently on behalf of the government and across sectors in public-private partnerships to leverage companies, offer financial support, and provide technical and grant assistance, as well as promote innovation and competitiveness. Economic development agencies promote economic programs and multi-agency initiatives coordinated at the federal level by the Economic Development Administration (EDA) and Small Business Administration (SBA).

By utilizing resources from the government and private financial industry, economic development agencies assist in the strengthening the advancement of regions suffering from economic distress. The local economic development office, as an expert representative on local business opportunities, provides a strategy for linking capital with the job force. In this way, economic development agencies take a proactive role in creating new jobs and help with retaining existing jobs.

Economic Development Agencies are responsible for

  1. Expanding small businesses, encouraging cross-sector cooperation between government and private initiatives to attract new startup opportunities, and facilitating an exchange of business information and human capital growth in local communities.
  2. Supporting regional economic development by attracting capital and creating new jobs.
  3. Identifying local, thriving industries and helping them grow in line with their natural geographical position, available resources, and immediate ability to resolve economic issues.
  4. Putting federal funding programs into practice, and providing investment initiatives and technical expertise to stimulate commercial growth that can help the national economic agenda nationally and globally.
  5. Promoting the principles of the national mission of innovation and competitiveness of small businesses.
  6. Financial relief of economically endangered local areas by providing direct lending and encouraging new business investments.

Are there different types of Economic Development Agencies?

Although most government economic development agencies have different names at the state or local levels, they are responsible for a similar scope of work. Main types of economic development agencies are those of local governments, regional planning organizations and state economic development departments. Unlike public economic development agencies, known as departments, corporations, offices or partnerships across the United States, there are also private economic development institutions, companies, firms, agencies, think tanks and consultants, each delivering growth strategies helping to promote economic opportunity.