Our History and Mission
The Mission of The Siouxland Economic Development Corporation is to further the economic development of Siouxland.
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. They also believed that the new corporation could be most effective in this effort by serving as a financing mechanism through participation in credit assistance programs of the Small Business Administration (SBA) and other appropriate agencies. The results would be measured by increased job opportunities, income, and local tax base.
Today, SEDC offers banks and borrowers much more than a loan. They offer borrowers the opportunity to own instead of rent or modernize instead of just getting by, which allows them to build wealth and guarantee future prosperity. SEDC offers banks the opportunity to share risk and provides them with SBA and lending expertise. SEDC wants banks to recognize them as a dedicated PARTNER that provides the programming and resources necessary to make loans the bank would not otherwise be able to make and/or offer loan terms the bank would not otherwise be able to offer.
The Corporations first employee was Ken Beekley. Ken used his incredible intelligence and curious nature to build a foundation for the organization to operate and be successful in fulfilling their mission to further economic development in Siouxland. Ken’s leadership enabled SEDC’s impact on economic development to spread throughout Siouxland and the entire state of Iowa. Glenda Castleberry was hired to manage the development and delivery of loan programs. Ken and Glenda worked cooperatively to grow SEDC into a financially self-sufficient organization that had the programs and people necessary to positively impact the economy of Siouxland and beyond. Ken Beekley and Glenda Castleberry no longer work at SEDC, but the incredible foundation they built for SEDC will forever be the corporation’s most valuable asset. They spent many years formulating policy, developing programs, and mentoring staff at SEDC. As a result, their spirit will live on through the work of the corporation and the community SEDC serves.