Commerce Department Grant Helps Build Business Incubator in Conover, North Carolina
August 31, 2010
Contact: John Atwood, (202) 482-4085
WASHINGTON - U.S. Commerce Secretary Gary Locke today announced a $1.5 million U.S. Economic Development Administration (EDA) grant to the city of Conover, N.C., and Catawba Valley Community College to construct the Manufacturing Solutions Center business incubator. The project is expected to save 277 jobs, create 293 jobs and generate $12.4 million in private investment, according to grantee estimates.
"Encouraging innovation and bringing new technologies to the marketplace are critical to creating jobs and improving our nation's economic competitiveness," Locke said. "This EDA grant will support job creation by providing entrepreneurs with critical access to services that foster business development and growth."
The project will construct a new 30,000-square-foot facility to house the Manufacturing Solutions Center and Catawba Valley Community College incubator. The building will be located at a former furniture factory complex, and the incubator will occupy approximately 10,000 square feet of the facility with eight incubator spaces.
About the U.S. Economic Development Administration (www.eda.gov): This year, the U.S. Economic Development Administration (EDA) marks 45 years of public service, with a mission of leading the federal economic development agenda by promoting competitiveness and preparing American regions for growth and success in the worldwide economy. EDA is an agency within the U.S. Department of Commerce that partners with distressed communities throughout the United States to foster job creation, collaboration and innovation.