Press Release

U.S. Commerce Secretary Gary Locke Announces $2 Million Grant to Create Jobs, Strengthen Economy in United States Virgin Islands

September 17, 2009
Contact: Bryan Borlik, (202) 482-4085

EDA Grant Expected to Create 300 Jobs and Generate $10 Million in Private Investment

WASHINGTON - U.S. Commerce Secretary Gary Locke today announced a $2 million Economic Development Administration (EDA) grant to the University of the Virgin Islands Research and Technology Park and the University of the Virgin Islands to help build a Leadership in Environment and Energy Design (LEED) certified tech-based business incubator. The project is expected to create 300 jobs and generate $10 million in private investment, 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 establish a business incubator facility that will grow technology-based businesses that will help diversify the local economy and create higher-skill, higher-wage job 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.