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.