New Bedford Economic Development Council Inc

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New Bedford Economic Development Council The NBEDC is a nonprofit organization designed as the one-stop-shop for business and real estate development services in New Bedford. TO FOSTER BUSINESS GROWTH, GREATER EMPLOYMENT AND ECONOMIC DEVELOPMENT IN THE GREATER NEW BEDFORD AREA.

New Bedford Economic Development Council Inc.

The New Bedford Economic Development Council Inc. (NBEDC) is a nonprofit organization based in New Bedford, Massachusetts, dedicated to promoting and facilitating economic development in the region. The organization plays a critical role in creating and strengthening economic opportunities within the community, focusing on a business-friendly environment that encourages growth and innovation.

Mission and Objectives

The primary mission of NBEDC is to enhance the economic landscape of New Bedford through various initiatives aimed at job creation, business support, and community development. This encompasses:

  • Job Creation and Retention: NBEDC actively works with local businesses to support job creation and retention, especially for low- and moderate-income workers, often utilizing Community Development Block Grant (CDBG) funds to achieve these goals[2].

  • Business Development: The organization collaborates with local chambers of commerce and other entities to promote professional development workshops, business seminars, and networking events that aim to bolster local businesses and encourage entrepreneurship[3].

  • Community Improvement: Through programs like the Storefront Reimbursement Grant, NBEDC assists in enhancing the physical appearance of commercial properties in eligible neighborhoods, contributing to community aesthetics and vitality[2].

Financial Overview

As of 2023, NBEDC reported a revenue of approximately $3.38 million with total expenses around $4.3 million. The organization holds total assets valued at about $5.6 million and liabilities amounting to approximately $1.47 million[1].

The majority of the council's revenue is derived from contributions, which accounted for 92.4% of total revenue in the latest fiscal year, while program services provided an additional 7.3%[1]. Key expenses include executive compensation, which constituted 4.9% of total expenses.

Structure and Governance

NBEDC operates as a nonprofit entity classified under the "Public, Society Benefit — Multipurpose and Other / Government and Public Administration" category according to the National Taxonomy of Exempt Entities (NTEE) classification[1]. However, specific details about board members and governance practices are not publicly recorded[5].

Conclusion

The New Bedford Economic Development Council Inc. serves as a vital institution in enhancing the economic vitality of New Bedford. Through its multifaceted approach to economic development, the organization continues to impact the local community positively, fostering an environment conducive to business success and community improvement.

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Founded

1998

Facebook

2800

X (Twitter)

605

Address

New Bedford

Address: 1213 Purchase St, New BedfordWeb: Sign in to see organisation websiteFacebook: NewBedfordEDCX (Twitter): nbedc02740Employees: 6Volunteers: 29Revenue: 3383460ICO: 43244024

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George

Love seeing the commitment to fostering business growth in New Bedford! Excited to explore all the opportunities this vibrant city has to offer! 🚀💼

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Rachel

- What strategies can the NBEDC implement to further promote New Bedford as a prime location for new startups and creative industries?

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New Bedford Economic Development Council Inc

HAPPENING NOW: Press conference dedicated to the future of the former Star Store in downtown New Bedford. Stay tuned for details later today.

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New Bedford Economic Development Council Inc

Star Store Building on Path to Redevelopment NEW BEDFORD – Mayor Jon Mitchell and the New Bedford Economic Development Council (NBEDC) announced Monday that agreements are in place to reopen the former Star Store building under new ownership as a regional arts hub. The NBEDC and the Arts and Business Council of Greater Boston (A&BC) have entered into a memorandum of understanding in which A&BC will make the necessary investments to preserve the Star Store building and, through a robust collaborative public engagement process, operate it as a nationally-recognized, publicly accessible that will be to serve as an economic engine for Greater New Bedford and elevate the City’s national stature as a center for the arts. “The NBEDC has long championed New Bedford as a creative hub, and with the NB Creative Consortium, has made the arts and the creative economy an essential economic development force.

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Ann

Kudos to the NBEDC for being a vital resource for entrepreneurs! Together, we can build a stronger, more resilient New Bedford. 🌊🏗️

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Daniel

- How can local businesses in New Bedford leverage the resources offered by the NBEDC to maximize their growth potential?

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