Grant

May 25 - 29, 2020

EDA announced 33 investments from May 25-29, 2020, totaling $22,887,871, which is matched by $17,463,211 in local investments. These investments include the following: (1) $19,886,501 in seven 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 five investments totaling $11,658,207 that will help create 635 jobs, save 18 jobs, and leverage $28,400,000 in private investments; (2) $702,850 in six Technical Assistance University Center projects to make the varied and vast resources of universities available to the economic development practitioner community; and (3) $2,298,520 in 20 Partnership Planning projects to support the development and implementation of the Comprehensive Economic Development Strategy process.
- $19,986,501 in seven Economic Adjustment Assistance projects, matched by $15,418,694 in local investments, as follows:
  - $8,000,000 in 2019 disaster Supplemental funding, matched by $2,000,000 in local investment, to the Florida Department of Economic Opportunity, Tallahassee/Leon County, Florida, to fund a Revolving Loan Fund (RLF) to finance long-term economic recovery efforts for businesses impacted by Hurricane Michael throughout the state of Florida. The RLF will provide access to affordable capital for business start-up or expansion in Florida’s disaster declared counties, to encourage job creation and retention, high-paying jobs, economic diversification, and economic stability, which will advance the region’s resiliency against future disasters.
  - $4,800,000 in 2019 Disaster Supplemental funding, matched by $1,200,000 in local investment, to the Town of Fair Bluff, Far Bluff/Columbus County, North Carolina, to support the town of Fair Bluff with building a facility to help reopen small businesses hit hard by Hurricane Florence. The project will construct a 24,746 square foot small business center to enable businesses to relocate from damaged facilities in the floodplain. The project will also connect the center to water, wastewater, and electric utilities, install a new fire hydrant, and provide paved parking, sidewalks, curbs, gutters and landscaping. Once completed, the project will catalyze redevelopment, promote resiliency, strengthen the regional economy, support private capital investment, and create jobs in a designated Opportunity Zone. The grantee estimates that this investment will help create 42 jobs, save 18 jobs, and leverage $2,400,000 in private investment.
  - $2,078,447 in 2018 Disaster Supplemental funds, matched by $271,341 in local investment, to the City of Wells, Wells/Elko County, Nevada, to fund construction of critical storm water infrastructure to deepen and improve the existing storm water channels in Elko County. The project will mitigate floodwater by adding culverts that will direct storm waters safely through the commercial core to a river basin, which will create a resilient roadway to the city’s commercial and industrial enterprises. Once completed, the project will minimize flooding hazards, restore productivity to commercially zoned acreage, support job creation, and advance economic resiliency against future disasters. The grantee estimates that this investment will help create 45 jobs and leverage $10,000,000 in private investment.
  - $2,000,000, matched by $11,195,339 in local investment, to the Indian River State College, Fort Pierce/Saint Lucie County, Florida, to support the Indian River State College with constructing a new, state-of-the-art facility for HVAC, Welding and Advanced Manufacturing programs in Saint Lucie County. The project will support hands-on learning with an “applied STEM” approach to meet the immediate needs of manufacturing companies while also developing the skills that employees need to serve and grow a company in the 21st Century. Once completed, the project will bolster long-term economic growth by providing a pipeline of skilled workers, which will enhance the advancement of economic resiliency throughout the region. The grantee estimates that this investment will help create 111 jobs.
  - $1,779,760 in Assistance to Coal Communities, matched by $444,940 in local investment, to the McCreary County Water District, Whitley City/McCreary County, Kentucky, to fund upgrades to existing sewer infrastructure to accommodate business growth, including the expansion of a local manufacturer in McCreary County, a designated Opportunity Zone. The project will allow wastewater to be pumped directly to the treatment plant, which will enable the company to initiate a new business line and partnership with a foreign company. Once completed, the project will help promote private capital investment, spur economic resiliency, and create job opportunities in communities that has been impacted by the decline in the coal industry. The grantee estimates that this investment will help create 150 jobs and leverage $1,000,000 in private investment.
  - $1,000,000, matched by $250,000 in local investment, to the Rockingham Economic Development Corporation, Raymond/Rockingham County, New Hampshire, to support the Rockingham Economic Development Corporation with establishing a revolving loan fund to support long-term recovery from several natural disasters and economic shocks that impacted Rockingham, Hillsborough, Belknap, Cheshire, Merrimack, Strafford, and Sullivan counties in New Hampshire. In an area containing several designated Opportunity Zones, the project will address the need for access to working capital and provide technical assistance and loan packaging to small and medium-sized businesses seeking financing for start-up, growth, or operational sustainment. Once completed, the project will promote entrepreneurial activity, spur private investment, expand competitiveness, and create jobs throughout the region. The grantee estimates that this investment will help create 287 jobs and leverage $15,000,000 in private investment.
  - $228,294, matched by $57,074 in local investment, to the Barren River Area Development District, Bowling Green/Warren County, Kentucky, to fund the hiring of a disaster recovery coordinator to aid in disaster recovery and help provide technical assistance to local governments in the 10-county region served by the Barren River Area Development District. The coordinator will work with communities to build resource capacity and assess the needs of the region to better plan for and respond to future disasters, which will help spur business and social redevelopment in designated Opportunity Zones.
- $702,850 in six Technical Assistance University Center projects, matched by $702,850 in local investments, 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 community.
- $2,298,520 in 20 Partnership Planning projects, matched by $1,341,667 in local investment, 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.