U.S. Department of Commerce Invests $1.2 Million to Support Entrepreneurship and Small Business Creation in East Austin, Texas
Contact: Public Affairs Department, (202) 482-4085
Tuesday, March 10, 2015
WASHINGTON – U.S. Secretary of Commerce Penny Pritzker today announced that the Department’s Economic Development Administration (EDA) is awarding a $1.2 million grant to Southwest Key Programs, Inc. in Austin, Texas. The funding will support the Eastside Economic Development project, a mixed-use development housing space for small businesses and entrepreneurs. According to grantee estimates, the project will create 250 jobs for the largely Hispanic and African-American East Austin community.
“The Obama Administration is committed to helping communities realize their locally owned development plans,” said Secretary Pritzker. “The EDA investment announced today will provide critical infrastructure improvements that will enable business development and growth for underserved minorities in the Austin area.”
“These federal funds will help Southwest Key continue its mission of providing opportunity so that more of our neighbors can share in Central Texas economic success,” said U.S. Representative Lloyd Doggett. “This effort seeks to revitalize an historically disadvantaged part of Austin.”
According to the grantee, there is a pressing need for this sort of development in the area, which suffers from a lack of available space for businesses and associated resources. EDA’s investment will help to address these issues by funding site preparation and infrastructure to support a mixed-use development that will include restaurants as well as commercial and retail space. This space will be made available for small businesses and entrepreneurs in East Austin, helping to support the growth of locally owned, innovation-based businesses. Southwest Key's proposed Eastside Economic Development Project will be situated on two significant connecting corridors, which makes it ripe for development, and its access to the surrounding community positions it to attract new businesses and jobs to the area.
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.