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A bureau within the U.S. Department of Commerce


Press Release

U.S. Commerce Secretary Locke Announces $4.5 Million Recovery Act Grant to Create Jobs, Boost Development in Chicago, Illinois

WASHINGTON - U.S. Commerce Secretary Gary Locke today announced a $4.5 million Economic Development Administration (EDA) grant to the Illinois Institute of Technology in Chicago, Ill., to help refurbish an existing building at the Institute's University Technology Park for use as a technology business incubator facility. The project, made possible because of the American Recovery and Reinvestment Act of 2009 (ARRA), is expected to create additional jobs and private investment in the region.

"The Obama Administration is committed to creating jobs, encouraging innovation and improving our nation's economic competitiveness," Locke said. "This grant will help create new higher-skill, higher-wage jobs and boost private investment in the Chicago region as tech-based start-ups get the technical assistance and lab and office space they need at the Institute's new business incubator."

The Recovery Act was signed into law by President Obama on February 17, 2009. It is providing immediate relief for American families and jump-starting billions of dollars in new projects that are creating jobs, improving infrastructure and strengthening local economies.

"The Illinois Institute of Technology's business incubator will build upon private investment in the Chicago region," U.S. Sen. Dick Durbin said. "Today's funding through the Recovery Act will enhance the University's efforts and create good paying jobs in the community."

U.S. Rep. Bobby Rush said, "I am very grateful that the Obama Administration and Secretary Locke joined me in supporting the innovative work that continues to take place at the Illinois Institute of Technology. I have been a strong supporter of IIT for years not only because it's part of my district but because IIT's leadership is creative and forward thinking with respect to our nation's defense and technology needs and they are strong advocates of the economic vitality of the South Side community in which they reside. This grant will make it possible to continue upgrading the work environment that supports a creative team of professionals focused on our national security and research interests."

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.