U.S. Economic Development Administration Invests Nearly $785,000 to Support Entrepreneurship in California
Contact: Public Affairs Department, (202) 482-4085
Wednesday, May 21, 2014
WASHINGTON — The U.S. Commerce Department’s Economic Development Administration (EDA) today announced a $784,769 grant to the Coachella Valley Economic Partnership in Palm Springs, California. The investment will go toward renovating four buildings for use as a business accelerator that will focus on helping new, tech-based entrepreneurial firms grow and thrive.
“Supporting innovation and entrepreneurship is a major focus for EDA, the Department of Commerce, and the Obama Administration,” said U.S. Assistant Secretary of Commerce for Economic Development Jay Williams. “The EDA grant announced today provides work space for companies in the start-up phase, which will enable them to grow and compete in the marketplace.”
The Coachella Valley region has experienced high unemployment in recent years. This business accelerator will provide an opportunity for the region to diversify its economy and create jobs in growing fields. According to the grantee, the accelerator will contribute to the development of renewable energy technologies, including wind and solar power, which are huge growth sectors in California. According to the grantee, beneficiaries of the project have committed to creating 65 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.