U.S. Department of Commerce Invests $2.5 Million in City of Rochester to Establish Innovation and Entrepreneurship Center
Contact: EDA Public Affairs Department, (202) 482-4085
August 30, 2016
WASHINGTON – U.S. Secretary of Commerce Penny Pritzker today announced that the Department’s Economic Development Administration (EDA) is awarding $2.6 million in grants to High Tech Rochester, Inc. in Rochester, N.Y., to establish a 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 Rochester to provide startups with the space and resources they need to grow and thrive.”
The EDA grant will facilitate the development of the Rochester-Finger Lakes Business Accelerator Hub Facility within a building currently owned by the City of Rochester. The project will provide incubator space for high-growth potential startup businesses, and services for existing manufacturing companies. This project is estimated to create 100 new startup businesses and 1,000 new jobs within the first five years of operation.
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.