U.S. Department of Commerce Invests $2 Million to Support Business Development and Job Growth in Newport, Arkansas

WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $2 million grant to the city of Newport, Arkansas, to support business growth and job creation in the region.

This grant will support a building renovation project to create 14,500 square feet of new office space. This EDA investment will be matched with $500,000 in local funds and is expected to create 100 jobs and generate $900,000 in private investment, according to grantee estimates.

“President Biden’s Investing in America agenda is a commitment to ensuring that communities in Arkansas and across the country have the resources needed to grow and diversify their economies,” said Secretary of Commerce Gina Raimondo. “This investment from the Economic Development Agency will help the Northeast Arkansas Delta region establish the infrastructure needed to attract new businesses, spur private investment, and create more good paying jobs for Arkansans.”

“The Economic Development Administration works closely with communities to ensure place-based, locally driven economic development,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This investment will boost the Newport economy by providing space for businesses to grow and thrive, creating a robust regional economy.”

“Economic growth is a product of opportunity and innovation. With this investment, Newport will be better positioned to foster both so that new and existing enterprises benefit well into the future,” said Senator John Boozman.

This project was made possible by the regional planning efforts led by the White River Planning and Development District, Inc. (WRPDD). EDA funds WRPDD to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.

This project is funded under the Disaster Relief Supplemental Appropriations Act, 2023, which provided EDA with $483 million in additional Economic Adjustment Assistance (EAA) Program funds for disaster relief and recovery for areas that received a major disaster declaration under the Robert T. Stafford Act as a result of Hurricanes Ian and Fiona, wildfires, flooding, and other natural disasters occurring in calendar years 2021 and 2022. Please visit EDA’s Disaster Supplemental webpage for more information.

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.