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A bureau within the U.S. Department of Commerce


Press Release

U.S. EDA Supports Flood Recovery Efforts in Minot, North Dakota

WASHINGTON - The U.S. Commerce Department's Economic Development Administration (EDA) today announced $819,896 in grants in Minot, North Dakota to help the region recover from recent floods.

"Helping communities rebuild and mitigate the impact of natural disasters is a top priority of the Obama administration," said U.S. Assistant Secretary of Commerce for Economic Development John Fernandez. "With these EDA grants, the Souris Basin Planning Council and the city of Minot will be positioned to implement a long term recovery plan and immediately help businesses obtain the financing they need to grow and create jobs."

The investments announced today include:

  • $578,919 to the Souris Basin Planning Council and the city of Minot to support a disaster economic recovery coordinator to assist in the development of a long term economic recovery plan to restore the region's economy to pre-disaster levels.
"As the Souris Valley moves forward with the enormous task of economic flood recovery, the investment that the Economic Development Administration is making in the recovery strategy will be vital to its success," said Greg Hagen, Executive Director, Souris Basin Planning Council.
  • $240,977 to the Souris Basin Planning Council of Minot to recapitalize a Revolving Loan Fund that provides gap financing for start-up and existing businesses impacted by the recent flooding to promote business development and job creation.
"This Revolving Loan Fund will be instrumental in the recovery efforts of the Souris River Flood area by providing gap financing to small businesses impacted by the floods. By working in conjunction with private and public funding agencies Souris Basin Planning Council will have a positive impact in the economic recovery of the Souris River Flood area," stated Greg Hagen, Executive Director of Souris Basin Planning Council Development.

On May 10, President Obama declared a major disaster in the State of North Dakota and ordered Federal aid to supplement State and local recovery efforts in the area struck by flooding beginning on February 14, 2011, and continuing. Under the President's declaration, Federal funding was made available to the State, Tribal, and local governments in multiple counties and Tribes for Public Assistance, Individual Assistance and Hazard Mitigation.

About the U.S. Economic Development Administration (www.eda.gov):

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.