Mildura Development Corporation became an independent incorporated entity in April 2009. Prior to this date it was Sunraysia Mallee Economic Development Board (SMEDB) - a Section 86 Committee of Mildura Rural City Council.

SMEDB was funded by all businesses and enterprises in the municipality of Mildura Rural City through contributions to the economic development differential rate and by grants received from the State and Federal Government.

Mildura Development Corporation continues to be funded in the same way, while maintaining its independent status from Mildura Rural City Council.

Mildura Development Corporation's Board of Directors comprises nine business and industry leaders from the local region, and the office consists of three staff members.