See original article posted on IEDC’s website on December 11, 2023 here.
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The International Economic Development Council (IEDC), the world’s largest membership organization for economic developers, is thrilled to announce a new $1 million research initiative supported by the Bill & Melinda Gates Foundation. The initiative will examine how long-term investments in capacity building, like IEDC’s new Economic Recovery Corps program, impact economic mobility in under resourced and historically underserved communities and help to tell the story of the impact seen in those communities.
The grant will help IEDC and its partners understand how program models like the Economic Recovery Corps program create conditions for a more just, equitable and inclusive economic system where everyone has the opportunity to thrive.
The Economic Recovery Corps (ERC) is a new program developed by IEDC in partnership with several national partners, designed to build capacity in distressed places of all sizes across the country and create a pipeline of the next generation of economic development leaders. This uniquely designed program attacks the most critical economic development issues facing distressed places through a long-term, focused Fellowship program.
In early 2024, IEDC and its partners will place 65 Fellows in communities across the United States to deliver intensive capacity building support over two and a half years. This support will help activate regional economic development strategies and promote innovation and knowledge-sharing between economically distressed urban, rural, and tribal areas across the U.S. in a way that elevates new practice and transforms the field of economic development. ERC was created and funded through a cooperative agreement with the US Economic Development Administration.
“IEDC is grateful for the opportunity to partner with the Bill & Melinda Gates Foundation on this initiative and is committed to delivering measurable results that align with the shared values of both organizations,” said IEDC President & CEO Nathan Ohle. “This investment will allow us to measure the impact of these innovative approaches and shine a light on the stories that make economic development so important.”
The grant funds will be allocated towards evaluating the Economic Recovery Corps program over a four-year period, with a specific focus on how the ERC program builds capacity among participating communities to improve long-term economic mobility. Insights and lessons learned will be shared with Gates network of grantees and other stakeholders working to eliminate the barriers for economic mobility and advancement.
The impact of this grant will extend beyond the Economic Recovery Corps, influencing how local leaders, non-profits, educational institutions, and federal, state, and private funders address economic mobility and opportunity in historically underserved communities.
About the Economic Recovery Corps Program
The Economic Recovery Corps (ERC) is a new, collaborative initiative designed to accelerate recovery from the COVID-19 pandemic in distressed communities and regions throughout the U.S. by connecting organizations with the talent and capacity needed to advance new ways of doing economic development that promote economic resilience and transformative change. ERC is funded by the Economic Development Administration (EDA) under the CARES Act and led by the International Economic Development Council (IEDC) in partnership with six leading national organizations: Center on Rural Innovation (CORI), International City/County Management Association (ICMA), National Association of Counties Research Foundation (NACo RF), National Association of Development Organizations Research Foundation (NADO RF), National League of Cities Institute (NLCI), and RAIN Catalysts.
