The City of Arlington recognized the week of May 9 to May 13 , 2022 , as Economic Development Week which highlighted local efforts to increase the quality of life in every community . During this week , communities across America celebrated and recognized the contributions made by professional economic developers to create more economically vibrant and livable communities .
Created in 2016 by International Economic Development Council ( IEDC ), the largest international professional trade association for economic developers , Economic Development Week aims to increase awareness for local programs that create jobs , advance career development opportunities , and improve the quality of life in communities everywhere .
“ Economic developers play essential roles in promoting the economic health and vitality of their communities — a fact that has only been proven further by the events of the past two years ,” says IEDC President & CEO Nathan Ohle . “ The 2022 Economic Development Week served to recognize , honor and celebrate the ingenuity and leadership practitioners have shown in working to create a more equitable and prosperous future for everyone .”
Arlington ’ s Economic Development Corporation ( AEDC ) is a nonprofit organization whose mission is to recruit business and industry , help local companies grow and generate quality job opportunities throughout the Arlington metro area . AEDC aids new businesses considering the area for expansion and new investment , helping the City of Arlington become more competitive in the world of business recruitment . AEDC also provides retention and expansion assistance to existing Arlington industries .
“ When done effectively , economic development helps create an environment for investment , encouraging job growth and contributing to a positive impact on the community at large ,” says Broderick Green , Executive Director of the AEDC . “ The Arlington Economic Development Corporation joins our colleagues around the world in celebrating the contributions of practitioners who work tirelessly every day to improve their communities .”
By Economic Development Corporation
Fintech Loans for Better Racial Equity Outcomes in Lending
The Unity Council of Arlington recommended the Office of Economic Development utilize existing relationships with banks to make introductions and increase funding opportunities for Black and minority owned businesses . In addition to making introductions , we have also created a resource guide of alternative funding options that may have better racial equity outcomes compared to traditional bank loans .
Fintech ( short for “ Financial Technology ”) loans are open to anyone , but tend to have more equitable approval rates . You may have heard of fintech companies like Cash App and PayPal . Some fintech companies exist for the purpose of providing loans to small businesses . Unlike banks that are bound by federal requirements , fintech companies create unique algorithms to determine whether a lender is likely to pay back a loan . Some research suggests the automated approval process of fintech loans creates better outcomes in terms of racial equity . Small Business Administration ( SBA ) Loans and other bank loans can take up to 90 days in the approval process , whereas fintech loans can be approved within hours or days . Fintech loan amounts range from hundreds to millions of dollars . Additional funding options in the guide include entrepreneur competitions , crowd funded loans , and diversity bank loans which are only open to minority applicants .
Our office does not endorse or benefit from local businesses who utilize fintech or other funding options from the resource guide . The purpose is to give examples that are current and accessible , as well as to share new information so business owners can seek funding on their own .