U.S. Department of Commerce Invests $500,000 to Create Jobs, Strengthen Economy in Taunton, Massachusetts
January 15, 2010
Contact: John Atwood, (202) 482-4085
EDA Grant Expected to Create 100 Jobs and Generate $3 Million in Private Investment, According to Grantee Estimates
WASHINGTON - The U.S. Commerce Department's Economic Development Administration (EDA) today announced a $500,000 grant to the Southeastern Economic Development Corporation of Taunton, Mass., to recapitalize a revolving loan fund that provides small businesses with the capital they need to grow and create jobs. The project is expected to create 100 jobs and generate $3 million in private investment, according to grantee estimates.
"Economic recovery and growth are top priorities for the Obama Administration," said U.S. Assistant Secretary of Commerce for Economic Development John R. Fernandez. "This EDA grant will spur innovation and entrepreneurship and create higher-skill, living-wage jobs in southeastern Massachusetts by providing the capital that small businesses need to flourish."
"Due to the economic recession, small businesses, which provide most of the employment in the region, cannot access the capital they need to operate and grow," said Maria Gooch-Smith, the Corporation's Executive Director. "The EDA funds will be used to make loans of up to $100,000 to small businesses in the region."
EDA is an agency within the U.S. Department of Commerce that partners with distressed communities throughout the United States to foster economic growth and job creation. 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 global 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.