U.S. Department of Commerce Invests $1.8 Million in American Rescue Plan Funds for Infrastructure for Biotechnology Research Facility in Monroe, Louisiana

WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.8 million grant to Biomedical Research and Innovation Park, Monroe, Louisiana, for road and utilities to construct a biotechnology research facility within the research park. This grant is funded by the American Rescue Plan.

This project will provide new and emerging biotechnology and compatible businesses with research facilities to support business growth. The EDA investment will be matched with $1.8 million in state and local funds and is expected to create 175 jobs, according to grantee estimates.

“President Biden is committed to ensuring that our communities are provided with the resources they need to diversify and grow their economies,” said Secretary of Commerce Gina Raimondo. “This EDA investment will support development of a lab to provide a place for new biotechnology startups to develop new businesses, leading to a stronger regional economy.”

“The Economic Development Administration plays an important role in supporting locally-developed strategies designed to stimulate American innovation and entrepreneurial activity,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This project will bolster the diversification of northeast Louisiana’s economy, leading to new, good-paying jobs.”

“We are committed to diversifying our economy and creating good-paying jobs in key industries like life sciences,” said Governor John Bel Edwards. “I would like to thank President Biden and Sec. Raimondo for awarding us these American Rescue Plan funds. This biotechnology facility has the potential to be a transformative investment for the people of Northeast Louisiana. Our state’s future is bright.”

This project is funded under EDA’s American Rescue Plan Economic Adjustment Assistance Program, which makes $500 million in Economic Adjustment Assistance grants available to American communities. The Economic Adjustment Assistance program is EDA’s most flexible program, and grants made under this program will help hundreds of communities across the nation plan, build, innovate, and put people back to work through construction or non-construction projects designed to meet local needs.

About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.