New Bedford Economic Development Council Inc
NEW BEDFORD ECONOMIC DEVELOPMENT is a public charity based in New Bedford, Massachusetts, formed in 1998. The organization works with local, state, and federal partners to promote economic development and a business-friendly environment in the city, including through business lending, technical assistance, and real estate development support.
Key facts about New Bedford Economic Development Council Inc
In short: New Bedford Economic Development Council Inc gave $396K across 29 grants in 2025 (avg $14K), mostly in Massachusetts. 97% of 2025 grantees were new. Source: 2025 IRS Form 990.
- EIN
- 04-3244024
- Latest 990 filing
- Form 990, 2025
- Annual giving (2025)
- $395,528
- Grants made (2025)
- 29
- Average grant
- $13,639
- Median grant
- $10,000
- New grantees (estimate)
- 97% first-time grantees (28 of 29, 2025)
- Total assets
- $7,075,280
- Primary geography
- Massachusetts (100% of itemized 2025 grant dollars)
Data from IRS Form 990, 2025; updated September 2026. New grantees are estimated by matching recipient names across years (methodology).
Financial Overview
From 2025 IRS Form 990 · View filing
Total Assets
$7.1M
+23.2% YoY
Annual Giving
$396K
-61.1% YoY
Grant Count
29
-54.0% YoY
Avg Grant Size
$14K
-15.6% YoY
Is New Bedford Economic Development Council Inc open to new grantees?
97%
first-time grantees, 2025
In 2025, 28 of 29 grantees (97%) were first-time recipients. First grants averaged $13K; repeat grants $20K. How we count
Medians: $10K first-time, $20K repeat.
Estimate from itemized grant lists in IRS Form 990 filings (2021–2025). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Mission & Focus Areas
The organization states that its mission is to cultivate and promote a transparent, credible, and business-friendly environment, supporting creativity, sustainable growth, and private-sector investment benefiting New Bedford residents.
Its services include lending to eligible local businesses, helping local companies with expansion plans and other business concerns, promoting New Bedford to attract investment, and providing technical assistance for real estate projects such as site selection, pre-planning, financing, and permitting. Its website lists lending options for start-ups and existing businesses, including an SBA Microloan program, as well as commercial business loans and real estate development gap financing.
The 2025 filing lists grants for economic development support. The filing also says grantees must submit invoices at least annually detailing qualifying expenditures for which they seek reimbursement. The council’s website described NBForward! as providing grants to existing New Bedford businesses affected by the pandemic, alongside matching loan financing and technical assistance; that program was announced in 2022.
Grantmaking
In filing year 2025, the council reported 29 grants totaling **$395,528**. Grants ranged from **$7,528 to $20,000**, with a median of **$10,000**. Listed grants were for economic development support.
Open Grants
1 open opportunity from New Bedford Economic Development Council Inc
Ready to take the next step with New Bedford Economic Development Council Inc?
Geographic Focus
Where this funder awards grants
The council’s stated economic development work and business lending programs focus on New Bedford. All grant dollars reported for filing year 2025 went to recipients in Massachusetts; listed recipients include businesses in New Bedford and other Massachusetts communities.
Grant Distribution by State
Share of 2025 grant dollars across all 29 itemized grants.
Cities
Giving Over Time
Total grant dollars and number of grants per year
From 2021 to 2025, annual grant giving ranged from $225K (2022) to $1.0M (2024). In 2025 it made 29 grants totaling $396K.
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2025
The largest 2025 recipient was Dipper Cafe Associates LLC ($20K). Together the top 10 received $200K.
Grant Size Distribution
202 grants across all recorded years
The most common grant size was under $50K: 202 grants of 202 (100%).
Giving History
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Dipper Cafe Associates LLC New Bedford, MA | Economic Development Support | $20,000 |
| Golden Greek Restaurant - STEM Inc Dartmouth, MA | Economic Development Support | $20,000 |
| International C Food Inc Fall River, MA | Economic Development Support | $20,000 |
| Jalarm Inc New Bedford, MA | Economic Development Support | $20,000 |
| Kaisan Trucking New Bedford, MA | Economic Development Support | $20,000 |
| Knotty by Nature New Bedford, MA | Economic Development Support | $20,000 |
| Mathieu & Mathieu New Bedford, MA | Economic Development Support | $20,000 |
| Morton's Fork Catering New Bedford, MA | Economic Development Support | $20,000 |
| No Problemo New Bedford, MA | Economic Development Support | $20,000 |
| United Care Transport Inc New Bedford, MA | Economic Development Support | $20,000 |
Financial History
Multi-year comparison from IRS filings
Amounts below are reported by filing year.
| Filing year | Assets | Revenue | Expenses | Grants reported |
|---|---|---|---|---|
| 2025 | $7,075,280 | $2,686,841 | $2,446,944 | $395,528 |
| 2024 | $5,744,138 | $3,626,061 | $3,547,853 | $1,018,050 |
| 2023 | $5,597,517 | $3,383,460 | $4,299,183 | $935,290 |
| Metric | 2025 | 2024 | 2023 |
|---|---|---|---|
| Total Assets | $7,075,280 | $5,744,138 | $5,597,517 |
| Revenue | $2,686,841 | $3,626,061 | $3,383,460 |
| Expenses | $2,446,944 | $3,547,853 | $4,299,183 |
| Net Investment Income | $8,464 | $10,079 | $11,475 |
Data update history
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2021 (received by the IRS February 9, 2022)
- Updated Form 990 for fiscal year 2022 (received by the IRS April 27, 2023)
- Updated Form 990 for fiscal year 2023 (received by the IRS May 3, 2024)
- Updated Form 990 for fiscal year 2024 (received by the IRS May 8, 2025)
- Added Form 990 for fiscal year 2025 (received by the IRS May 11, 2026)
- IRS filings on file for fiscal years 2021–2024
Leadership & Key People
Leadership team and compensation from IRS filings
The 2025 filing lists Anthony R. Sapienza as president, Elizabeth Isherwood as vice president, David Slutz as treasurer, and Carol Pimentel as clerk. It also lists Helena Dasilva Hughes, Stephen Kenyon, Stephen Canessa, Melanie Edwards-Tavares, Roland Giroux, and David McCready as directors.
New Bedford Economic Development Council Inc is led by Derek Santos, Executive Director on every filing since 2021; 3 of 13 officers listed in 2025 are compensated.
Officers on the 2025 filing
Derek Santos
Executive Director
On filings since 2021
40 hrs/week
$160K (2021) → $183K (2025)
Anthony R. Sapienza
President
On filings since 2021
3 hrs/week
No compensation reported
Helena Dasilva Hughes
Director
On filings since 2021
1.5 hrs/week
No compensation reported
David McCready
Director
On filings since 2024
1.5 hrs/week
No compensation reported
Melanie Edwards-Tavares
Director
On filings since 2024
1.5 hrs/week
No compensation reported
Roland Giroux
Director
On filings since 2024
1.5 hrs/week
No compensation reported
Stephen Canessa
Director
New on the 2025 filing
1.5 hrs/week
No compensation reported
Stephen Kenyon
Director
New on the 2025 filing
1.5 hrs/week
No compensation reported
Deborah A. Trombly
Accountant
Controller → Accountant, 2024
On filings since 2021
40 hrs/week
$105K (2021) → $127K (2025)
Ramon D. Silva
Senior Lending Officer
Loan Officer → Senior Director - Lending, 2022
Senior Director - Lending → Senior Lending Officer, 2024
On filings since 2021
40 hrs/week
$123K (2021) → $149K (2025)
Carol Pimentel
Clerk
On filings since 2021
1 hr/week
No compensation reported
David Slutz
Treasurer
On filings since 2021
2.5 hrs/week
No compensation reported
Elizabeth Isherwood
Vice President
On filings since 2021
1.5 hrs/week
No compensation reported
Former officers (6)
- Former: Laura Douglas (2021–2024) — Director
- Former: Rayford Kruger (2023–2024) — Director
- Former: Jonathan M. Mitchell (2021–2023) — Mayor Ex-Officio
- Former: Jeffrey P. Pagliuca (2022–2023) — Director
- Former: John Vasconcellos (2021–2022) — Outgoing-Director
- Former: Keith Hovan (2021–2022) — Outgoing-Director
Data from IRS Form 990 filings, 2021–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $183K, to Derek Santos (Executive Director). 3 officers or directors reported compensation on that filing.
Contact
Mailing address: 1213 Purchase Street, New Bedford, MA 02740
Phone: (508) 991-3122
Website: https://nbedc.org
Frequently asked questions about New Bedford Economic Development Council Inc
How much does New Bedford Economic Development Council Inc give each year?
New Bedford Economic Development Council Inc gave $396K across 29 grants in 2025, according to its 2025 IRS Form 990. In 2024 it gave $1.0M across 63 grants.
What is New Bedford Economic Development Council Inc's typical grant size?
New Bedford Economic Development Council Inc's median grant in 2025 was $10,000, and its average grant was $13,639, across 29 grants on its 2025 IRS Form 990. Organizations receiving their first grant from New Bedford Economic Development Council Inc that year got $13K on average.
Where does New Bedford Economic Development Council Inc give grants?
New Bedford Economic Development Council Inc gives mostly in Massachusetts: 100% of the grant dollars itemized on its 2025 IRS Form 990 went to recipients there. The most frequent recipient cities were New Bedford, MA (24 grants) and Fairhaven, MA (2 grants).
Does New Bedford Economic Development Council Inc give general operating support?
Not in 2025: none of the 29 grants with a stated purpose on New Bedford Economic Development Council Inc's 2025 IRS Form 990 were described as general or operating support. Recurring purposes include "Economic Development Support" (29 grants).
Who are New Bedford Economic Development Council Inc's largest grantees?
New Bedford Economic Development Council Inc's largest 2025 grantees include Dipper Cafe Associates LLC ($20,000), Golden Greek Restaurant - STEM Inc ($20,000) and International C Food Inc ($20,000), according to its 2025 IRS Form 990. Together they received 15% of its itemized 2025 grant dollars.
How large is New Bedford Economic Development Council Inc?
New Bedford Economic Development Council Inc reported $7.1M in total assets on its 2025 IRS Form 990. Its revenue that year was $2.7M.
What does New Bedford Economic Development Council Inc fund?
The organization states that its mission is to cultivate and promote a transparent, credible, and business-friendly environment, supporting creativity, sustainable growth, and private-sector investment benefiting New Bedford residents. See mission & focus areas ↑
How do I apply for a grant from New Bedford Economic Development Council Inc?
New Bedford Economic Development Council Inc has no public application process in the sources Grantable reviewed. Check nbedc.org for current guidelines, or contact the foundation directly before submitting a request.
What is New Bedford Economic Development Council Inc's EIN?
New Bedford Economic Development Council Inc's EIN (Employer Identification Number) is 04-3244024. IRS Form 990 filing data is available on this page for 2021–2025.
Data last updated September 2026. Sourced from IRS Form 990 filings. Research dossier generated September 2026.
Here's the math on researching New Bedford Economic Development Council Inc by hand.
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