Federated States of Micronesia
|Program||# of Grants||EDA Funds|
The Federated States of Micronesia (FSM), an eligible recipient of EDA financial assistance under the Public Works and Economic Development Act of 1965 (“PWEDA”) (42 U.S.C. §§ 3122(4)(A)(iii), 3122(10)) and the Compact of Free Association as Amended in 2003, faces a number of economic and developmental challenges. In 2016, the average per capita income was $3,680 annually according to the World Bank. These challenges largely stem from the isolation of the archipelago in the South Pacific, particularly given that it consists of 607 separate islands. To reinvigorate the economy and create the services necessary to address overall development in the long term, the College of Micronesia-FSM created the Center for Entrepreneurship in 2015.
In 2016, EDA invested $25,000 in the Center for Entrepreneurship’s 2-year FSM Entrepreneurship Initiative, which will provide services to students and staff at the College of Micronesia-FSM to promote entrepreneurial activity. The Center educates students on entrepreneurship, including the knowledge needed to start a new company and to nurture an environment where student-led businesses can function and develop into maturity. It also supports a small incubator program aimed at expanding the Center’s activities to other FSM islands.
The project is estimated to directly create five new jobs, retain three jobs, and produce at least three student or alumni operated businesses within a two-year period.