U.S. Department of Commerce Invests $3.7 Million to Support Business and Entrepreneurship in Minnesota and Wisconsin
Contact: Public Affairs Department, (202) 482-4085
Tuesday, September 29, 2015
WASHINGTON – U.S. Secretary of Commerce Penny Pritzker today announced that the Department’s Economic Development Administration (EDA) is awarding investments totaling $3.7 million for construction projects to the cities of Sandstone, Minnesota and River Falls, Wisconsin. According to the grantees, these projects are expected to create more than 100 jobs, save an additional 137 jobs, and generate nearly $30 million in salaries and investment.
“The Obama Administration is committed to ensuring our nation’s infrastructure is able to support business growth and job creation,” said Secretary Pritzker. “The EDA investments announced today will provide critical access and services to the area’s health care cluster and entrepreneurs, creating jobs for the entire region.”
The EDA investments announced today include:
- $2.3 million to the City of Sandstone, Minnesota to support development of the Sandstone Business and Medical Park. According to the grantee, the region has experienced significant layoffs in recent years from both economic downturns affecting small businesses and unexpected disasters. In order to address these economic hurdles, the city has been proactively planning to capitalize on the region's assets and identified the medical services cluster. EDA’s investment will fund roadway and storm water upgrades to support the development of the 181 acre park, which already has four tenants lined up when completed.
- $1.4 million to the city of River Falls, Wisconsin to support the construction of the St. Croix Valley Business Incubator. The city, the River Falls Economic Development Corporation, and University of Wisconsin-River Falls have leveraged a historic partnership to enhance entrepreneurial growth opportunities in the region by facilitating the development of this project. EDA’s investment will bring their plan to fruition by supporting the construction of the building that will house the St. Croix Valley Business Incubator, which will function as a hybrid entrepreneurial center. Once completed, the facility will house 24 small or start-up businesses and offer business incubation, workforce training, and business acceleration services.
About the U.S. Economic Development Administration (www.eda.gov)
The Economic Development Administration marks 50 years of public service, leading 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.