U.S. Department of Commerce Invests $1.4 Million to Help Spur Startups in Weslaco
Contact: EDA Public Affairs Department, (202) 482-4085
July 27, 2016
WASHINGTON – U.S. Secretary of Commerce Penny Pritzker today announced that the Department’s Economic Development Administration (EDA) is awarding a $1.4 million grant to the Weslaco Economic Development Corporation of Weslaco, Texas, to establish business incubator space in a city-owned building.
“Providing entrepreneurs with the tools they need to grow and thrive is critical to our country’s competitiveness,” said Secretary Pritzker. “This EDA grant will establish a critical new business incubation facility in Weslaco that will provide fledgling businesses with the space and resources they need to grow and thrive.”
The EDA grant will facilitate the development of the Center for Innovation and Commercialization within a building currently owned by the City of Weslaco. The project will provide incubator space for startup businesses, and include a “know-how” network program to address tenants’ needs for partnerships, suppliers, and/or potential sources of capital. The University of Texas Rio Grande Valley, the project partner, will provide services to tenant companies, and assist in establishing the support network and helping tenants lower barriers to starting businesses.
About the U.S. Economic Development Administration
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. To learn more about EDA, visit www.eda.gov.