Emerging Markets Development Corporation is a nonprofit that cultivates low-income neighborhoods as hospitable environments that can attract and retain financial institutions and supermarkets. Specifically, it:
- Organizes residents to document their buying power through locally driven surveys, focus groups, grocery shopping logs, or financial diaries.
- Mobilizes residents to make formal commitments or pledges to patronize a bank or grocery store that is opened in their neighborhood.
- Provides technical assistance to local economic development corporations that endeavor to create new shopping centers or other commercial developments that could host banks or grocery stores.
- Mounts neighborhood-wide financial education or home economics campaigns designed to better prepare residents as customers of local banks and grocery stores.
- Creates support groups or peer-coaching programs that support residents in maintaining new behaviors – such as saving money or planning healthier meals – for the long-term.
- Trains nonprofits and associations on what they need to do to be partners with financial institutions and supermarket chains.
- Promotes public sector or philanthropic initiatives that incentivize bank or grocery store development in low-income neighborhoods.