U.S. Department of Commerce Invests $2.3 Million to Support Small Business and Entrepreneurial Growth in West Virginia

WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is investing $2.3 million in the state of West Virginia to support small businesses and entrepreneurs.

The EDA investments announced today are:

• The Center for Applied Research & Technology, Inc., in Princeton, will receive $1.5 million to establish the WV CREATE Center, providing support to small businesses and entrepreneurs. This project will be matched with $365,000 in local funds.
• The High Technology Foundation, in Fairmont, will receive $848,800 in operational expenses for a statewide collaborative entrepreneurial assistance program. This EDA investment will be matched with $212,200 in local funds.

“The Biden-Harris Administration is committed to ensuring that communities in West Virginia and across the country have the resources and support they need to thrive,” said Secretary of Commerce Gina Raimondo. “Small businesses are at the backbone of the American economy, and these EDA investments will ensure that Princeton and Fairmont can better support their local businesses, create good paying jobs, and boost their economies.”

“The Economic Development Administration works to provide communities with the vital resources they need for businesses to thrive,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “These investments will help foster entrepreneurial innovation and small business development in West Virginia, creating economic resiliency in the region.”

“Investing in our local communities spurs economic development and creates good-paying jobs, and today’s announcement is great news for Princeton, Fairmont and all of West Virginia,” said Senator Joe Manchin. “Small businesses are the heart of our communities, and these awards will help them compete and thrive for years to come. I look forward to seeing the positive impacts of this funding, and  I will continue advocating for resources to support economic growth and resiliency across the Mountain State.”

“I’m pleased to see the Department of Commerce investing in job creation and economic development opportunities in Fairmont and Princeton. West Virginia is a great place to start and grow a business,” said Representative Alex X. Mooney (WV-02).

The High Technology Foundation project was made possible by the regional planning efforts led by the Regional Intergovernmental Council (RIC). EDA funds RIC 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.

These projects are funded under the Assistance to Coal Communities (ACC) initiative, through which EDA awards funds on a competitive basis to assist communities severely impacted by the declining use of coal. ACC projects support economic diversification, job creation, capital investment, workforce development, and re-employment opportunities.

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.