60 Finalists for $1 Billion “Build Back Better Regional Challenge” Announced
U.S. Secretary of Commerce Gina Raimondo today announced the 60 finalists for the U.S. Economic Development Administration’s (EDA) $1 billion “Build Back Better Regional Challenge” – the marquee of EDA’s American Rescue Plan programs. (Click here for press release.)
The 60 finalists – each a coalition of partnering entities – will compete for Phase 2, which will award 20-30 regional coalitions up to $100 million to implement 3-8 projects that support an industry sector. Today’s finalists, chosen from a pool of 529 applicants, will each receive a grant of approximately $500,000 to further develop their proposed projects.
Finalists’ projects span 45 states and Puerto Rico. For a full list of finalists and project summaries, click here.
The “Build Back Better Regional Challenge” seeks to boost economic pandemic recovery and rebuild American communities, including some that have been grappling with decades of disinvestment. By providing transformative investments of up to $100 million per Phase 2 grantee, EDA seeks to support community-led efforts to develop and strengthen regional industry clusters across the country – all while embracing economic equity, creating good-paying jobs, and enhancing U.S. competitiveness globally. For more about the Challenge, please visit our website.
The “Build Back Better Regional Challenge” is one of EDA’s many programs aimed at building strong regional economies and supporting community-led economic development. EDA was allocated $3 billion in supplemental funding under the American Rescue Plan to assist communities nationwide in their efforts to build back better by accelerating economic recovery from the coronavirus pandemic and building local economies that will be resilient to future economic shocks. For more information about EDA’s American Rescue Plan programs, visit https://www.eda.gov/ARPA/.