This spring, the GOED sent out a survey to all local Economic Development Corporations (EDCs) to gather budget and funding source information. We received 78 responses to the questionnaire and have compiled the data collected.
The EDCs were asked the following questions:
- If they have a Revolving Loan Fund (RLF) and how it is funded
- Number of ED staff members and whether they are paid or volunteers
- Population of community
- Annual operating budget, how it is funded, and the percentage of annual funds from each source
Let’s take a look at the results:
Revolving Loan Fund
Of the 78 communities that responded:
- 45 EDCs (57%) have a RLF
- The most common funding sources for the RLF comes from grants and city funds.
47 communities (60%) have at least one paid employee (either full-time or part-time).
- 32 EDCs have full-time paid staff (85 total full-time paid employees for an average of 2.65 per EDC)
- 28 EDCs have part-time paid staff (43 total part-time paid employees for an average of 1.54 per EDC)
44 communities (56%) have at least one volunteer staff
- 31 EDCs have volunteers only with no paid employees
- 387 total volunteers for an average of 9 per EDC
The graph below shows the percentage of EDCs that fall into each population range.
- 80 percent of the 78 respondents came from communities with 10,000 people or less.
- 68 percent came from communities with 5,000 or less people.
Annual Operating Budget
Of the 78 respondents, 55 EDCs (71%) shared their budget information. Budgets ranged up to $2 million. The graph below shows what percentage of those 55 EDCs fell into each budget range.
There is such a multitude of funding sources for EDCs that we only compiled the sources that account for 50% or more of total funding for each EDC. The graph below shows the primary funding sources and the percentage of communities that rely heavily on each source.