U.S. Commerce Department Promotes Entrepreneurship with $2.5 Million Investment in Nashville, Tennessee
September 26, 2011
Contact: John Atwood, (202) 482-4085
WASHINGTON - Acting U.S. Commerce Secretary Rebecca Blank today announced a $2.5 million Economic Development Administration (EDA) grant to The Nashville Entrepreneur Center and The Metropolitan Development and Housing Agency in Nashville, Tenn., to renovate and expand The Nashville Entrepreneur Center and meet LEED Silver Certification. The project is expected to create 254 jobs and generate $11 million in private investment, according to grantee estimates.
"Encouraging innovation and entrepreneurship are critical to creating jobs and improving our nation's economic competitiveness," Blank said. "This EDA grant will provide the critical updates needed to expand The Nashville Entrepreneur Center so it can help more local entrepreneurs and startup companies grow and create jobs.".
Following severe flooding in May 2010, approximately 2,773 Nashville businesses faced economic dislocation, impacting at least 14,500 employees, with 1,500 losing their job permanently. Along with the recent closings of two local manufacturing plants in middle Tennessee, the Entrepreneur Center has become a critical resource to help diversify the Nashville economy and support the development and growth of new, innovative ideas.
This EDA investment will boost economic recovery and empower local entrepreneurs by funding the renovation of a historic building to provide space for 72 new high-tech, high-growth startups. The expanded Nashville Entrepreneur Centerwill meet Leadership in Energy and Environmental Design (LEED) Silver Certificate standards while still complying with national historic building renovation guidelines.
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.