Author: US EDA Staff Published: 10/7/2022 EDA
Fall 2022
CASTILLO’S COLUMN
The U.S. Economic Development Administration (EDA) has completed a truly historic 2022 fiscal year (FY22)! In addition to our ongoing programming, EDA successfully disbursed and awarded $3 billion in American Rescue Plan funding. This notable economic development opportunity resulted in 780 grants awarded through six innovative programs, assisting communities nationwide in their efforts to build back better by accelerating regional economic recovery and building more resilient local economies.
These investments are expected to generate more than $20 billion of private investment and to create, save or place 220,000 jobs, according to grantee estimates. We are extremely proud of our grantees, and I am thankful to EDA’s dedicated team for their focus and expediency in moving this critical funding swiftly and equitably into communities across America. [Read more]
Alejandra Y. Castillo
Assistant Secretary of Commerce
for Economic Development
FEATURED
BUILD BACK BETTER REGIONAL CHALLENGE
EDA Celebrates 21 Awardees of $1 Billion Challenge
EDA leadership is making visits across the country in the next few weeks to celebrate awardees of the $1 billion Build Back Better Regional Challenge and to jumpstart the implementation phase of these projects. On September 2nd, President Biden announced the 21 winning coalitions during an event at the White House.
Watch the Announcement Here
Each coalition will receive between $25 million and $65 million to fund 123 individual strategic projects to advance economic strategies benefiting 24 states. Coalitions are focused on transformational growth in key regional industries, including advanced mobility and aerospace, biotechnology and health, clean energy, indigenous finance, natural resource and agriculture, and next generation manufacturing.
Awardees are bringing together employers, labor unions and worker organizations, state and local governments, institutions of higher education, and community-based organizations for project implementation. [Read more]
HIGHLIGHTS
Ensuring Equitable & Inclusive Recovery
As EDA celebrates 57 years of service, the bureau is focused on ensuring a more equitable and inclusive economic recovery, not only by building on a strong commitment to traditionally underserved communities, but by better supporting locally-driven, place-based economic development solutions that will continue to help all of us build a better America. [Read more]
Future Planning for Resiliency
The Federal Emergency Management Agency (FEMA) and EDA have released the Comprehensive Economic Development Strategy and Hazard Mitigation Plan Alignment Guide. This guide will help align key community plans to create more resilient communities. [Read more]
Learning Through Research
Two EDA investments will explore, document, and disseminate the lessons, outcomes, and replicable models of the Build Back Better Regional Challenge. The bureau’s Research and National Technical Assistance program announced two research grants to inform the next generation of economic development policy and practice. [Read more]
National Hispanic Heritage Month
National Hispanic Heritage Month is a time to recognize the importance of Hispanic entrepreneurship to the strength of the U.S. economy. EDA joins other Department of Commerce bureaus in celebrating this month. [Read more]
IN OUR COMMUNITIES
FLORIDA
Supporting Small Businesses
Through natural disasters and the coronavirus pandemic, a revolving loan fund is helping small businesses in South Florida. Since its inception, the South Florida Regional Planning Council’s CARES RLF has supported more than 30 minority-owned businesses. [Read more]
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