The Siouxland Economic Development Corporation (SEDC) was incorporated in 1979 by a group of Siouxlanders in an attempt to help stimulate the tri-state region's economy which was slumping in the face of manufacturing dislocations, particularly the Zenith plant closing in Sioux City.
The organizers believed SEDC could have a positive impact on the economy by assisting businesses in modernizing, diversifying, or expanding their operations, and by encouraging new businesses starts. The results would be measured by increased job opportunities, income, and local tax base.
They also believed that the new corporation could be most effective in this effort by serving as a financing mechanism though participation in credit assistance programs of the Small Business Administration (SBA) and other appropriate agencies. As such, SEDC is an SBA certified development company and Microloan intermediary.
In participating in credit assistance programs, SEDC coordinates with, and complements, local lending institutions by making additional capital sources available to them and by providing increased security for the lender through federal guaranty. In all cases, the corporation is subordinate to the lending institutions.
In 1980, the SEDC Board of Directors was formed consisting of volunteer members representing business, labor, government, and civic interest from surrounding communities. Offices were soon established in Sioux City and a staff was hired to serve at the direction of the Board of Directors.