Cedar Rapids City Council Approves EDC Funding Increase
CEDAR RAPIDS, IA—AUGUST 13, 2009—The Cedar Rapids City Council last night approved increasing annual funds to the Entrepreneurial Development Center (EDC) from $40,000 in fiscal 2010 to $100,000 in each of the next five fiscal years.
The EDC kicked off a five-year, $5 million capital campaign in March. Based on a feasibility study, the campaign seeks $3 million (60 percent) of that from the private sector, $1.25 million (25 percent) from public entities and $750,000 (15 percent) from academia.
“We are pleased that the city of Cedar Rapids has committed to increasing its financial support of our accelerator; recognizing the importance of growing our own high-impact businesses as a significant component of our area’s economic development and recovery strategy,” said Curt Nelson, President and CEO of the EDC.
The EDC is approaching the private and public sectors in both Linn and Johnson county to meet its $5 million capital campaign goal. EDC has worked with over 300 businesses in the past five years, creating $327 million in economic impact for the Cedar Rapids/Iowa City Technology Corridor.
About the EDC
The Entrepreneurial Development Center was incorporated in 2003 as a community-sponsored, non-profit business accelerator. The company provides economic growth through the development and expansion of entrepreneurial enterprises and has successfully assisted over 300 Iowa-headquartered businesses. Its focus is on creating local wealth for area re-investment by growing and cultivating regional, national, and international businesses.
