|Program||# of Grants||EDA Funds|
|Economic Adjustment Assistance||1||$100,000|
During Fiscal Year 2013, EDA invested $9,008,306 in three projects in the State of Rhode Island. These projects are expected to create or retain 818 jobs and leverage $1,147,450 in private investment, according to grantee estimates. EDA’s investments help Rhode Island communities achieve bottom-up, locally-defined economic development goals and strategies.
EDA offers a complementary, balanced portfolio of grant programs designed to help rural and urban communities grow their private sectors and create jobs.
Investment Spotlight: Critical Port Infrastructure
Since it was established as a commercial fishing port by the state of Rhode Island in the 1940’s, the Port of Galilee in Narragansett has grown to become one of the largest working commercial fishing ports on the East Coast, providing fish and lobster to both national and international markets. The Port supports hundreds of small to medium-size businesses that attract hundreds of employees and thousands of tourists each year. Not only are tourism, commercial fishing, and marine recreational fishing critically important industries in the Rhode Island economy, but they enhance the state’s culture and quality of life.
Aging infrastructure was having a disastrous effect on the viability of the commercial fishing industry in the Port of Galilee. A deteriorating bulkhead and structurally deficient state-owned piers and docks, were not only hazardous, but hampering the region’s development, growth and advancement. In March 2013, EDA invested $2.9 million to rehabilitate critical infrastructure at the Port to ensure the continued economic viability and long-term stability of the state’s $200 million commercial fishing industry and critical tourism sector and to spur economic development and new investment in the region.
This investment will not only encourage growth in one of the region’s most important industries, commercial fishing, but will provide the industry with the flexibility to adapt to emerging economic changes and fluctuations. Strategic planning and infrastructure improvements will assist in expanding exports for fisheries. The commercial fishing industry depends on sustainable fisheries for their livelihood. The Port operations, along with the proposed infrastructure improvements, will enhance and support the fishing industry’s ability to adapt to changing fishing conditions and regulations. A total of 685 jobs will be saved, 21 new jobs will be created, and $720,000 will be generated in private investment, according to grantee estimates.