What Does the Economic Development Administration Do?
Economically distressed communities are also part of our societies. Economic Development Administration (EDAs) play a crucial role in dealing with grants and technical assistance to generate new employment. Let’s look in brief at what EDA is and its role.
What are Economic Development Administration?
The Economic Development Administration (EDAs) play a crucial role in increasing employment opportunities in the community. The role of the EDAs is to release grants and deliver technical assistance that can open opportunities for newcomers to get a placement. It intentionally leads to stimulating industrial and commercial growth through various investment programs.
What is the role of EDA in economic development?
Economic development administration are focused on the economic development of the community, area, or entire country. They help existing businesses with different investment schemes open the door for new opportunities.
Another part of EDAs is that they encourage entrepreneurial opportunities by giving various subsidies and bringing more business opportunities with technological developments.
The mission of the Economic Development Administration
The mission of EDAs is to follow the basic principle of creating sustainable economic development that is locally driven. Locally-driven businesses contribute to building blocks for the community to walk upward. EDAs also work to improve the economic conditions of locally-driven businesses and meet their needs through policies.
A part of the Economic Development Administration is Economic Development Integration (EDI). It is a practice that involves a set of practices aiming to improve interagency collaborations and facilitates the strategic and effective investment of federal economic development resources.
This process complements the EDAs investments and adds stakeholders to maintain a robust ecosystem.
EDA partners with federal agencies to implement policies and procedures, including:
Increase Access
Supporting local and regional capacity by identifying and applying for relevant economic development resources.
Enhance Collaborations
It facilitates interagency, inter-government, and cross-sector partners to implement strategic economic investments supporting local priorities.
Purpose and Benefits
Some various purposes and benefits come along with economic development administration. It includes:
- Job Creation: The creation of new employment opportunities rises offering family-support benefits.
- Critical Skills: Increase workforce development resources with relevant employment opportunities in competitive sectors.
- Capital Investment: Generates capital investments from all relevant and available sources, including federal and non-federal, public sector, and private.
- Regional Economic Diversification: Cultivating regional and local healthy economic ecosystems which generate sustainable economic growth, resilience, and prosperity.
Investment Priorities
The economic development administration has a competitive grant process, which includes the following criteria:
- Align with EDA’s investment priorities,
- Effectively address the creation and/or retention of high-quality jobs, and
- The document that the applicant can or will leverage other resources, both public and private, and demonstrate the applicant’s capacity to commence the proposed project promptly, use funds quickly and effectively, and provide a clear scope of work that includes a description of specific, measurable project outputs.
EDA’s investment priorities provide a framework to ensure its grant investment portfolio. This ranges from planning infrastructure to construction. It entirely focuses on building, improving, or better leveraging economic assets. This gives more exposure to businesses and makes them walk on the path to success. The grants are assessed based on the criteria listed just below the form. It gives you enough understanding of the vision of the grant. Most of the grants are to leverage locally-driven businesses.
Conclusion
The economic development administration deals in much documentation, making it a hectic process to manage on in-server using traditional methods. You can use My ProTrackPlus, a full-fledged CRM tool specially designed for serving the needs of EDAs.