U.S. EDA Invests $600,000 to Support Tulsa, Oklahoma Entrepreneurs
September 1, 2011
Contact: John Atwood, (202) 482-4085
WASHINGTON - The U.S. Commerce Department's Economic Development Administration (EDA) today announced a $600,000 grant to the Tulsa Economic Development Corporation (TEDC) of Tulsa, Okla., to help build a permanent home for the organization and for The Forge, a business development center powered by Tulsa's Young Professionals that is working to accelerate the development, success and sustainability of start-ups and existing small businesses in the region.
"Creating local jobs is President Obama's top priority and he has taken significant steps to support entrepreneurs and small businesses, which are the backbone of our economy and the cornerstone of our communities." said U.S. Assistant Secretary of Commerce for Economic Development John Fernandez. "This EDA grant will allow TEDC and The Forge to strengthen their partnership in providing the region's promising start-up companies with the resources they need to grow and help diversify the local economy."
"TEDC and The Forge are very excited about expanding our partnership. Because of this EDA grant, we will be able to accelerate the successful development of high growth, smaller companies by offering creative financing solutions, educational resources, technical assistance and affordable space under one roof. Economists have estimated a potential economic impact of $11 million and 62 jobs in our first year. This, along with the long term economic benefit of retaining young professionals in the region, is powerful. As a certified community development financial institution, an added bonus for TEDC is the opportunity to bring our existing clients into the fold with The Forge to share knowledge, create strategies and encourage dialogue that might not otherwise occur," said Rose Washington, Executive Director and Vice President, Tulsa Economic Development Corporation.
The EDA investment will help to purchase and renovate and remodel the building and purchase critical equipment needed to run the facility.
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.