U.S. Department of Commerce Invests $1.6 Million to Help Establish Clean Technology Business Accelerator in Gurabo, Puerto Rico
Contact: Public Affairs Department, (202) 482-4085
Thursday, September 20, 2012
WASHINGTON - Acting U.S. Commerce Secretary Rebecca Blank today announced a $1.6 million Economic Development Administration (EDA) grant to University of Turabo in Gurabo, Puerto Rico, to help fund the construction of a business accelerator that will foster the growth of new clean-tech businesses. The project is expected to create 88 new jobs and attract more than $20 million in private investment, according to grantee estimates.
"This $1.6 million Economic Development Administration investment in Puerto Rico is an example of the Obama administration's commitment to supporting business growth and job creation," said Acting U.S. Commerce Secretary Rebecca Blank. "The grant announced today will help the Puerto Rico Center Accelerator for Clean Technologies advance the development of cutting-edge products in clean-tech, while creating new employment opportunities."
The EDA investment supports the construction of a new 6,400-square-foot Puerto Rico Center Accelerator for Clean Technologies (ACTech). The center will house a technology accelerator that will support the creation of new businesses by providing entrepreneurs with the tools they need to transform their ideas into marketable products. ACTech will work directly with academic institutions in Puerto Rico and the U.S. Virgin Islands to help select initiatives for product acceleration, utilizing the expertise of their faculty members and researchers.
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.