U.S. Economic Development Administration Invests More Than $862,000 to Support Creative Arts Entrepreneurs in Colorado
Contact: Public Affairs Department, (202) 482-4085
Monday, June 1, 2015
WASHINGTON – The U.S. Commerce Department’s Economic Development Administration (EDA) today announced an $862,557 grant to Artspace Projects Inc., to help restore an historic building in Loveland, Colorado, for use as a creative arts business incubator. According to the grantee, this project will create 27 jobs, save an additional 22 jobs, and help the community rebuild after devastating floods in 2013.
“EDA is committed to supporting regionally focused and regionally driven economic development projects,” said U.S. Assistant Secretary of Commerce for Economic Development Jay Williams. “The EDA grant announced today will help the community of Loveland strengthen the regional economy by cultivating businesses and jobs in the creative arts.”
EDA’s investment will help to rehabilitate Loveland’s historic Feed & Grain Building into a facility to house and support entrepreneurs and early stage businesses focused on the creative industries as part of a strategy for economic diversification, resiliency and growth. In 2013, severe flooding along Colorado’s Front Rage killed 8 people and caused $2 billion in damage, and the big Thompson River experienced peak flow rates near Loveland. Subsequently, 1,500 homes and 200 businesses were destroyed in the area and an additional 4,500 homes and 500 businesses were damaged. According to the grantee, substantial rebuilding and recovery is needed to help restore the community. The planned Incubator at Artspace Loveland will directly serve the city and the Larimer County region to aid the recovery efforts. Several businesses and organizations have expressed interest or committed to being tenants and creating jobs for the region.
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.