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A bureau within the U.S. Department of Commerce


Press Release

U.S. Commerce Secretary Gary Locke Announces $1 Million Grant to Create Jobs, Strengthen Economy in Laredo, Texas

WASHINGTON - U.S. Commerce Secretary Gary Locke today announced a $1 million Economic Development Administration (EDA) grant to the city of Laredo, Texas, to design and engineer the River Vega, a riverfront commercial and retail development in Laredo. The project is expected to spur approximately $122 million in private development activities adjacent to the riverfront development, according to grantee estimates.

"The Obama Administration is committed to creating jobs, encouraging innovation and improving our nation's economic competitiveness," Locke said. "This grant will create jobs by encouraging activities that are essential to revitalizing the local economy and generating small business development opportunities."

The Department of Commerce is a voice for Main Street businesses. It focuses on creating jobs by fostering innovation and opening markets to U.S. products.

EDA is an agency within the U.S. Commerce Department and supports the economic development needs of distressed communities throughout the United States. Its mission is to lead the federal economic development agenda by promoting innovation and competitiveness and preparing American regions for growth and success in the worldwide economy.

Additional information on how EDA investments are helping distressed communities create a positive and sustainable economic future can be accessed at: http://www.eda.gov.