|Program||# of Grants||EDA Funds|
|Economic Adjustment Assistance||3||$533,425|
During FY 2012, EDA awarded 19 grants totaling $6.5 million throughout the state of Alaska. These investments support the state’s bottom-up, regionally-owned economic development initiatives to create jobs and maximize their economic assets and potential. EDA invested in the state’s efforts in growing its economy through deep sea fishing, marine service and repair facilities, fish processing, and disaster resiliency in both urban and rural communities, including native villages. EDA construction grants alone are expected to help create or retain 485 jobs.
Investment Spotlight: Marine Service Center Supports Local Fishermen
The mainstay of the Bering Sea economy is the fishing industry. Currently, fishing boats must travel 300 miles to Washington State to the nearest marine service and repair facility, a three day trip, for repair. Without a closer option for vessel repair, fishermen lose critical income while their boats are out of commission.
In 2012, EDA awarded $1.8 million dollars to fund construction of a marine service, repair and supply center on St. Paul Island. A collaboration of the Aleut Community of St. Paul Island and the Central Bering Sea Fishermen’s Association, the new service center will provide a home for essential support service and repair activities for vessels, enabling them to return to operation sooner. The facility will decrease costs for small fishing businesses operating throughout the Bering Sea, increasing their competitiveness. Local residents, including those of the Aleut Community, will have access to new jobs in vessel repair, service, and construction. As a result of the construction of this new center on St. Paul Island, the grantee anticipates growth of the seafood industry and expanded retail sales in marine segments. EDA’s investment will help create 200 jobs and save 100 jobs.