Grant

June 8 - 12, 2020

  • EDA announced 10 investments from June 8-12, 2020, totaling $2,516,100, which is matched by $1,315,932 in local investments. These investments include the following: (1) $1,705,600 in four Economic Adjustment Assistance projects to help communities design and implement strategies to adjust or bring about change to their economy in response to structural damage to their underlying economic base, which includes two investments for $1,100,000 that will help create 288 jobs and leverage $1,500,000 in private investment; (2) $118,000 in one Technical Assistance University Center project to make the varied and vast resources of universities available to the economic development practitioner community; (3) $45,000 in one Local Technical Assistance project to strengthen the capacity of local or state organizations and institutions to undertake and promote effective economic development programs; and (4) $647,500 in four Partnership Planning projects to support the development and implementation of the Comprehensive Economic Development Strategy process.
    • $1,705,600 in four Economic Adjustment Assistance projects, matched by $505,432 in local investments, as follows:
      • $600,000, matched by $150,000 in local investment, to Bear Paw Development Corporation, Havre/Hill County, Montana, to support the Bear Paw Development Corporation of Northern Montana with establishing a Revolving Loan Fund to finance long-term economic recovery efforts for businesses in Blaine, Chouteau, Hill, Liberty, and Phillips counties in Montana. The project will provide working capital to address resiliency efforts and access to financing options for new, existing, and expanding businesses and industries. Once completed, the project will increase local investment and employment, promote manufacturing, support export development, and strengthen the regional economy. The grantee estimates that this investment will help create 20 jobs and leverage $1,500,000 in private investment.
      • $500,000, matched by $125,000 in local investment, to DreamSpring, Albuquerque/ Bernalillo, New Mexico, to support the rollout of DreamSpring’s Expreso loan program, which will provide a new financial product to businesses in designated Opportunity Zones in New Mexico and Texas. The project will offer access to shorter term loans up to $10,000 to facilitate revenue growth, particularly in industries such as manufacturing or construction. Once completed, the project will enable DreamSpring to build its capacity and develop partnerships to ensure a solid pipeline of companies to provide funding, encourage entrepreneurialism, create jobs, and advance economic resiliency throughout the region. The grantee estimates that this investment will help create 268 jobs.
      • $500,000, matched by $147,250 in local investment, to Northeastern University (Boston/Suffolk County, Massachusetts) and the City of New Orleans (New Orleans/ Orleans County, Louisiana) to support the Northeastern University Global Resilience Institute with developing a resilience-based strategy for economic development in three Qualified Opportunity Zones in East New Orleans, Louisiana. The strategy will serve as a roadmap toward revitalization and help create a resilient community based on transformational economic development. Once completed, the project will attract private investment, encourage diversification, and bolster economic growth throughout the region.
      • $105,600, matched by $83,182 in local investment, to the Yurok Tribe, Klamath/Del Norte County, California, to fund a feasibility study on broadband development and infrastructure to serve the Yurok tribe community in Klamath, California. The project will determine the feasibility of internet service installation to fill the critical need of access to outside markets, businesses assistance, educational resources, and development options in the area. Once completed, the project will provide long-term economic growth, support business development, and create new jobs throughout the region.
    • $118,000 in one Technical Assistance University Center project, matched by $118,000 in local investment, to support a five-year University Center (UC) program, which is a competitively-based partnership between EDA and academic institutions that makes the varied and vast resources of universities available to the economic development practitioner.
    • $45,000 in one Local Technical Assistance project, matched by $45,000 in local investment, to the Southeast Neighborhood Development, Inc, Indianapolis/Marion County, Indiana, to support the hiring of a consultant to conduct a study to determine the feasibility of an incubator for advanced manufacturing or light industrial use within the Pleasant Run Crossing site, southeast of downtown Indianapolis, Indiana. The study will examine regional job growth, emerging economic clusters and real estate demand to help promote local economic growth and business expansion. Once completed, the project will provide economic stability, create jobs, and strengthen the local economy.
    • $647,500 in four Partnership Planning projects, matched by $647,500 in local investments, to support the development and implementation of the Comprehensive Economic Development Strategy (CEDS) process. The CEDS process is designed to bring together the public and private sectors in the creation of an economic development roadmap to diversify and strengthen the regional economy.