U.S. Economic Development Administration Invests $600,000 in East Stroudsburg University to Expand Space for Entrepreneurs
Contact: EDA Public Affairs Department, (202) 482-4085
September 9, 2016
WASHINGTON – The U.S. Department of Commerce’s Economic Development Administration (EDA) today announced a $600,000 grant to East Stroudsburg University (ESU) in East Stroudsburg, Pa., to provide additional accelerator office space to support local entrepreneurs in the region.
“The U.S. Economic Development Administration is committed to providing American entrepreneurs with the tools they need to grow and thrive,” said Jay Williams, U.S. Assistant Secretary of Commerce for Economic Development. “This EDA investment will help to expand East Stroudsburg University’s business accelerator facility to provide growth opportunities for new early stage tenants, and also provide space for an ‘International Innovation Program’ that will work to attract foreign investment to the region.”
EDA’s investment will extend the ESU accelerator facility to the vacant second floor of the building providing additional office space for entrepreneurs in the region. The site currently houses 17 early stage companies, three university initiatives, a mentoring program and a social entrepreneur program. The expanded facility will allow ESU to increase its number of startup companies and help stimulate foreign investment in the region. According to grantee estimates, the proposed expansion is anticipated to host 13 new early stage companies and create 39 new jobs.
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.