The Lake County Economic Development Corporation is a 501 (c) 3 nonprofit corporation established in 1983. The corporation is managed by a nine-member board of directors, representing county, city, and private sector interests. The corporation is funded by public grants and private contributions. The day to day work of the corporation is performed on a contract basis.
Funding for some of the services LCEDC provides is made possible by grants from the US Department of Agriculture. The LCEDC has participated in the USDA Rural Development Intermediary Relending Program (IRP) since 1998. As of September 7, 2016, the LCEDC has approved 30 loans to Lake County businesses, totaling $3,218,595. Over 300 jobs have been created or retained as a result of this program.
The Lake County Economic Development Corporation is a conduit to business retention, expansion and attraction in Lake County by facilitating connections between resources and ideas. Through utilization of working relationships LCEDC connects public and private sector interests with one another or each other, assists entrepreneurs with many facets of doing business from the design phase to the exit strategy, and collaborates with traditional lenders to identify financing for businesses.
1. The overall purpose of the Corporation is to assist with the development of permanent year-round employment for unemployed and underemployed Lake County residents. The general purpose of the Corporation is to assist in promoting the growth and development of business concerns and employment opportunities, including small business concerns, agricultural, industrial, and commercial development throughout the county.
2. The primary objectives of the LCEDC shall be to provide additional employment opportunities in Lake County; to increase the economic base of Lake County; to assist and advise local existing businesses; to attract new business to Lake County and to work with other business development groups within the county. The Lake County Economic Development Corporation is established to benefit the community as measured by increased employment and business volume, expanded career and entrepreneurial opportunities, improved quality of work and community life, and corresponding factors.
LCEDC Mission Statement
The purpose of the Lake County Economic Development Corporation is to facilitate the creation, retention, expansion, and attraction of businesses in Lake County.
The Corporation provides several services including the following:
• Financing and Access to Capital
• Startup, Expansion and Exit Strategy Assistance
• One on One Consultants
• Business Education Workshops
• Local and Regional Networking Connection
• Marketing
Access to Financing
• Preparations for Financing
• Low Interest, Long Term Business Financing
• Access to Multiple Funding Sources
• Loan Packaging for Multiple Sources of Financing