In the bustling landscape of entrepreneurial growth, the Economic & Community Development Institute (ECDI) stands as a beacon of hope, innovation, and empowerment. As a leader in fostering economic development and supporting underserved entrepreneurs, we want to shine a spotlight on the great work they do with and for small businesses and—hopefully—inspire you to see how they can benefit your small business goals. Let’s dive into who ECDI is, what they do to support small businesses, and a few key programs we think you should check out!
About ECDI
Founded in 2004, ECDI provides comprehensive support to underserved entrepreneurs and small businesses. Headquartered in Columbus, Ohio—with additional offices in Cleveland, Akron, Cincinnati, and Toledo—ECDI has become a cornerstone of economic development in the Midwest.
ECDI’s mission is clear—they aim to invest in people to create measurable and enduring social and economic change. This mission is executed through a combination of microloans, training, and technical assistance that is specifically designed to address the unique challenges faced by low-to-moderate income individuals. By focusing on those who have traditionally been excluded from the financial mainstream, ECDI helps level the playing field and enables entrepreneurs to turn their dreams into reality. Is it any wonder that we want to sing their praises so loudly?!
Impact and Achievements
The impact of ECDI on Ohio’s small business landscape cannot be understated. In just 20 years, ECDI has disbursed over $70 million in loans and helped create or retain more than 7,300 jobs. These figures are not just statistics—they represent real people and communities whose lives have been transformed by ECDI’s work.
One of ECDI’s standout achievements is its ability to reach those who need it most, as is evidenced in their most recently published impact report. Approximately 80% of ECDI’s clients are members of minority groups and 60% are women—as we know, these are often underserved groups in small business circles. By focusing on these populations and fostering small business growth in areas that are often not a priority, ECDI helps to revitalize neighborhoods, increase employment opportunities, and stimulate local economies. This ripple effect underscores the importance of ECDI’s work in building stronger, more resilient communities.
PRIME Program
One of ECDI’s flagship initiatives is the Program for Investment in Micro-Entrepreneurs (PRIME). PRIME is funded by the U.S. Small Business Administration and is designed to assist low-income entrepreneurs by providing them with the training and technical assistance they need to start and grow their businesses. The program offers services related to business planning, financial literacy, marketing, access to capital, and MORE! By addressing the full spectrum of entrepreneurial needs, PRIME ensures that participants are equipped to navigate the challenges of business ownership. The program also places a strong emphasis on mentoring and connects entrepreneurs with experienced business leaders who can provide guidance and support. PRIME participants are supported in their pursuit of creating thriving businesses that contribute to the economic vitality of their communities.
Fostering Innovation
Innovation is at the heart of ECDI’s approach to economic development. Recognizing that the landscape of entrepreneurship is constantly evolving, ECDI is committed to staying at the forefront of new trends and technologies, and as a result, they have created the ECDI Business Resource Center. ECDI’s dedication to innovation is easy to see when you look into the various programs and initiatives highlighted in the Resource Center. The Food Fort, for instance, is a commercial kitchen incubator that provides food entrepreneurs in Columbus, Ohio with the resources they need to start and grow their businesses. By offering affordable kitchen space, business development support, and access to markets, the Food Fort helps culinary entrepreneurs turn their ideas into successful ventures. This is just one of their highly successful, specially tailored services available to small business owners! The common thread woven through all ECDI opportunities will be easy to spot as you dive into what they offer—an emphasis on collaboration and continuous learning. ECDI is the perfect example of community-oriented—and community-led—business development!
Learn More About Small Business Development
Not sure if working with ECDI is something you’re ready for? Let’s talk about it! We’d love to chat with you about where your small business is, where you’d like it to go, and how we—or another great organization like ECDI—can help. Contact our team today and let’s talk about the future!