Northeast Economic Development, Inc.
Northeast Economic Development, Inc. (NED, Inc.) is a Non-profit Development Organization (NDO) ruled by a separate board of directors than NENEDD. Because NED, Inc. does not employ a direct staff, it contracts with NENEDD to sufficiently manage the organization and all of its programs.
NDO’s are non-profit associations or corporations organized under State law to engage in community economic development activities. The non-profit enters into an agreement with a community (either local or regional) and the State to act as a sub-recipient of Community Development Block Grant Economic Development grants. If the repayment of that loan is made to the nonprofit organization and the nonprofit retains the repayments for further use, repayments are not considered program income; subsequent loans by the nonprofit entity using those funds do not have to meet any Federal requirements. The NDO would then administer the Revolving Loan Fund (RLF) resulting from those repayments in accordance with the terms of the agreement with the original grantee and the State Department of Economic Development.