The Indiana Economic Development Corporation was established in 1983 as a nonprofit organization with the intention of organizing business development efforts in the Indianapolis area. The formation of this nonprofit group stemmed from a suggestion made by the Greater Indianapolis Progress Committee that there was a need for a local agency to aid, promote, and nurture Indianapolis business relations and development.
Indianapolis Economic Development Corp consists of a 30 member board of directors, with 18 of these board members appointed by public and private sources. The sources of these appointed board members include organizations such as the Corporate Community Council, the City of Indianapolis, Indiana Department of Commerce, and the Indianapolis Chamber of Commerce. The remaining twelve members are community members representing similar business areas that are appointed by the already existing 18 board members.
Each member of the board serves a term totaling three years, with one third of all members being up for election each year. Officers of the Indiana Economic Development board include a president, vice-president of development services, and a vice-president assistant treasurer and controller. The organization maintains a contract with the city to promote and provide services for all of Indianapolis.
A prime focus of the economic development group is to aid and encourage companies with expansion capabilities already located in Indianapolis. The group also assists any company considering relocating or establishing a new business in the Indianapolis area. Retaining existing Indianapolis businesses is also a primary goal of the economic development group. In addition to aiding business, the group also manages the Mid City Pioneer Corporation, which provides financial services to local businesses in the form of fixed asset financing for small to medium sized businesses.
The economic development group works closely with and maintains a solid relationship with the City of Indianapolis through the Department of Economic Development as well as a partnership with the mayor’s office. Through the group and its community ties, servicing offered to businesses include, state and local incentives, networking, access to city owned properties, communication with city and state leaders, regulatory and permit assistance, research and data, marketing, and incentives for existing businesses.
The Indianapolis Tailwind Group is a program offered by Indianapolis Economic Development as a way for emerging business to get the extra “wind in their sails” to establish a solid grounding in Indianapolis. Partnering with local information technology and life science groups, a forum is provided for new businesses to present their products to customers. This exposure and assistance can potentially be the jumping point for a growing business to expand to the next level with their facilities or product line.
Buy Indy First is a program sponsored by Indianapolis Economic Development as a way for Indianapolis businesses to purchase from local suppliers through an information warehouse service connecting local suppliers with businesses who need their goods. Purchasing locally stimulates the Indianapolis economy by circulating dollars into industry, which in turn creates more jobs, which enters even more dollars into the local market. Buying locally also decreases production costs, and increases business volume overall. This reinvestment into the Indianapolis economy can spark future security and prosperity to local Indianapolis business.
For more information on the Indianapolis Economic Development Corporation, please visit the company’s homepage.
Indianapolis Economic Development Corporation