Understanding the Function of the Economic Development Administration

This administrative function of the federal government has one purpose and that is to focus on economic development in communities across the nation. The activities along with their mission and values have been beneficial in creating the strong economy we have today. They encourage innovation and entrepreneurship which is now booming. This government entity has three distinct values in their proposition statement. These are listed below but more information about the efforts of this entity will be provided in the various chapters in this book. “EDA makes it easier for businesses to start and grow in the United States” Our economy needs to be business friendly and today it appears the environment of the past is gone replaced by an environment which has as one of the objectives of this organization is making it easier to start and grow a business. It definitely has not been easy in the past with the regulations and an overbearing congress controlling every segment in our economy. “EDA matching grants start with local business conditions and needs, not Washington’s” There is an old saying that it takes money to make money and this is so true. The backbone of our economy are local businesses and the matching grant program of this organization impacts local business conditions by providing funding to help local economies prosper. “EDA drives innovation and entrepreneurship throughout the country especially in our manufacturing sector, to help U.S. workers and businesses compete globally.” The business world of today is no longer limited to local and state economies as we now have a world economy. Our businesses need to succeed in a world market if their products and customers are from all over the world. While we have businesses that do not feel the need or requirement to compete across the globe others do to survive. Innovation and entrepreneurship is driven by the subject of this book the Economic development administration.