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A bureau within the U.S. Department of Commerce


Press Release

U.S. Economic Development Administration Invests $300,000 to Assist Start-up Companies in Technology and Healthcare Sectors in New York City

WASHINGTON - The U.S. Commerce Department’s Economic Development Administration (EDA) today announced a $300,000 grant to TruFund Financial Services of New York City, to help provide early-stage businesses with the technical assistance they need to grow and create new jobs. The project is expected to assist eight to 10 small businesses in the technology or healthcare sectors.

“Helping our nation’s small businesses to grow and prosper is a top priority for the Obama Administration,” said U.S. Deputy Assistant Secretary of Commerce for Economic Development Matt Erskine. “This EDA grant will spur innovation and entrepreneurship and help create higher-skill, living-wage jobs in New York City by providing technical assistance to businesses in two important and growing sectors of the regional economy.”

The EDA investment will help fund a business incubation program of TruFund Financial Services, the Small Business Incubation and Entrepreneurship in Key Economic Growth Industries program. It will support early-stage assistance to emerging companies in the technology and healthcare sectors by providing them with common workspace and access to professional business expertise, networking opportunities, training, and other on-site services tailored to each company’s needs.

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.