U.S. EDA Investment Supports Entrepreneurs and Startups in San Luis, Arizona
August 24, 2011
Contact: John Atwood, (202) 482-4085
WASHINGTON - Acting U.S. Commerce Secretary Dr. Rebecca Blank today announced a $1.6 million Economic Development Administration (EDA) grant to the city of San Luis, Ariz., to help build a business incubator that will support the growth of manufacturing and trade-related businesses. The project is expected to create 300 jobs and generate $10 million in private investment, according to grantee estimates.
"Through our Economic Development Administration, we are able to provide funding to local communities to enhance job creation, economic growth and competitiveness," Blank said. "This EDA grant will foster local business development by helping to establish a business incubator that supports Arizona's entrepreneurs and startup companies."
"San Luis is a highly entrepreneurial area that, until now, has had a near absence of small-sized, affordable industrial spaces for business start-ups," said Juan Carlos Escamilla, Mayor of San Luis. "The incubator will boost our economy by growing manufacturing businesses, expanding trade, and creating jobs."
The 20,000-sq.-ft. incubator will be built on a four-acre industrial site in the San Luis industrial park. The facility will include 10,000 sq. ft. of shared primary incubator space and 10,000 sq. ft. of single space, which will allow successful businesses to expand within the incubator.
About the U.S. Economic Development Administration:
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation and accelerate long-term sustainable economic growth.