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A bureau within the U.S. Department of Commerce


Press Release

U.S. Commerce Department Invests $2.5 Million to Boost Business Development and Job Growth in New York

WASHINGTON - Acting U.S. Secretary of Commerce Rebecca Blank today announced more than $2.5 million in U.S. Economic Development Administration (EDA) grants to boost business development and job growth in New York.

"The Commerce Department and the Obama administration are working diligently to bring jobs and economic growth to local communities," Blank said. "These EDA investments will foster business development and job creation across New York by providing the critical infrastructure and technical assistance that local businesses need to grow."

The investments announced today include:

$2.058 million to the city of Rochester to provide critical infrastructure to advance the Midtown Redevelopment project and strengthen the city's historical central business district. The project is expected to create 329 jobs and generate $96 million in private investment, according to grantee estimates.
$500,000 to Seedco Financial Services, Inc., of New York City to help establish the Small Business Recovery Initiative, a technical assistance program that will provide early-stage businesses with the comprehensive post-financing technical assistance needed to grow and create new jobs.

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.