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A bureau within the U.S. Department of Commerce


Press Release

U.S. Department of Commerce Invests $1 Million to Establish Arts-Based Business Incubator Facility in Albuquerque, New Mexico

U.S. Senator Tom Udall Supports Investment to Grow New Mexico's Cultural and Arts Industries

WASHINGTON - Acting U.S. Commerce Secretary Rebecca Blank today announced a $1 million Economic Development Administration (EDA) grant to the Keshet Dance Company of Albuquerque, New Mexico. The funding will help the company purchase a facility to house the Keshet Ideas and Innovation Center (KIIC), which will nurture businesses associated with New Mexico's growing cultural and arts industries. According to grantee estimates, the innovation center will create 100 jobs.

"This $1 million Economic Development Administration investment in New Mexico is an example of the Obama administration's commitment to supporting job creation and economic growth in local communities," said Acting U.S. Commerce Secretary Rebecca Blank. "The grant announced today for the Keshet Ideas and Innovation Center will help to grow new businesses and create jobs associated with the arts, environment, and health and wellness industries in Albuquerque."

"The arts are a defining part of New Mexico's history, community and identity," said U.S. Senator Tom Udall. "This innovative public-private partnership will help provide entrepreneurs with the tools and support they need to grow art-focused businesses."

Working with local partners, the KIIC will provide a comprehensive set of business assistance services to start-up or fledgling businesses, including a variety of business development services and access to various lending sources and business management development tools. The first three program participants will be the New Mexico Water Collaborative, Mother Road Theatre, and the New Mexico Ballet.

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.