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June 2020

Spotlight: EDA Awards its First CARES Act Grant to Three Rivers Planning and Development District in Pontotoc, Mississippi, to Help Combat Economic Effects of COVID-19

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CARES Act Three Rivers graphic

On June 16, EDA awarded its first Coronavirus Aid, Relief, and Economic Security (CARES) Act Recovery Assistance grant in the amount of "$400,000 to the Three Rivers Planning & Development District, in Pontotoc, Mississippi. The grant will be used to hire a Disaster Recovery Coordinator, update economic development plans with business and industry leaders, and fortify programs to assist communities in responding to the coronavirus pandemic.

Three Rivers Planning & Development District is one of the more than 850 existing, high-performing EDA Economic Development District, University Center, Tribal, and Revolving Loan Fund (RLF) grant recipients invited to apply for supplemental funding under the CARES Act. As an EDA-designated EDD, Three Rivers helps to lead the locally-based, regionally driven economic development planning process that leverages the involvement of the public, private and non-profit sectors to establish a strategic blueprint for regional collaboration.

Along with many other communities across our nation, the region that Three Rivers serves has suffered severe economic dislocation caused by the novel coronavirus. Specifically, Three Rivers will use the new CARES Act funding to hire a recovery coordinator who will help create a new development plan and partner with businesses and economic development leaders across the region.

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Success Story: EDA Fosters Foreign Direct Investment in Distressed Communities, Attracting Investors from Across the Globe

Foreign Direct Investment (FDI) is one of EDA’s main investment priorities and critical to supporting projects that promote and facilitate business investments in the United States.

In 2019, global FDI stayed at a flat rate at $1.39 trillion, compared to $1.41 trillion in 2018. However, unlike the larger declines in other economies, the United States received consistent FDI between 2018 and 2019, with $251 billion in 2019.1

These estimated numbers reflect that the United States is the largest recipient for FDI in the world, with inflows at least $100 billion greater than those of any other destination market.

Communities across the country have made attracting FDI a key component in building economic development strategies and EDA has helped drive these strategies forward.

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FDI Top Destination Markets 2019

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Highlight: Yeshiva University’s Innovation Lab Utilizes Foreign Direct Investments to Share Innovative, Life-Saving Ideas

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Yeshiva University in NYC

In April, EDA awarded a $1.4 million grant to Yeshiva University’s (YU) Innovation Lab in a New York City Opportunity Zone to provide technical assistance to Israeli firms seeking to locate in New York City.

The YU Innovation Lab is a faculty and student-led startup accelerator that couples modern innovation with Jewish values and traditions, fostering a culture focused on transforming human insight into business value. YU partners with other labs from Israel and NYC to provide technical assistance and global business opportunities, and already EDA’s investment is having a significant impact.

Recently, Israel-based company Emnotion asked the Innovation Lab for strategic guidance in an initiative to mitigate the pain and tragedy of the COVID-19 pandemic. Emnotion develops climate forecasting solutions for urban and rural areas, often block by block, using mathematical algorithms. They partnered with the Lab to help introduce their powerful predictive Artificial Intelligence (AI) platform to map the path of the coronavirus.

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EDA Policy Actions and Investments in Support of Opportunity Zones Prominently Featured in White House Opportunity and Revitalization Council Report to the President

We encourage you to read the report and see how our grantees and others are capitalizing on the Opportunity Zone initiative to spur transformative economic development in their communities and regions. EDA congratulates our grantees that are featured in this report, the Council partners, and the many others working to transform their communities, on the incredible work they are doing!

President Trump with WHORC Executive Director Scott Turner and Commerce Secretary Wilbur Ross


Summertime with the CEDS

The NADO Research Foundation is pleased to host “Summertime with the CEDS,” a mix of free online content ranging from webinars to workshops to support your CEDS planning and implementation efforts. Contact Brett Schwartz at [email protected] for more information.

Summertime with the CEDS


Opportunity Zones are an EDA Investment Priority

Learn how EDA is incentivizing long-term investments in underserved neighborhoods with CARES Act funding in Opportunity Zones.

Trump Administration Opportunity Zones Graphic


Mistletoe Hall Commerce-Business Park Groundbreaking Event

This month’s groundbreaking event in Easton, Maryland, for the Mistletoe Hall Commerce-Business Park is another step in delivering on the mutual long-term goal of strategic economic development planning for the region. Linda Cruz-Carnall, EDA’s Philadelphia Regional Director stated, “Mistletoe Hall Commerce-Business Park allows for business expansion and could serve as an economic engine for the community. This project very much aligns with EDA’s priorities. We are delighted to celebrate the successful start of construction on site.”

Mistletoe Hall Commerce-Business Park Groundbreaking


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EDA in the News!

Governor Bryan Hosts Groundbreaking Ceremony For FreshMinistries Aquaponics Center on St. Croix
vi.gov, 6/26/2020

Federal grant will benefit University of Alaska
KINYradio.com, 6/24/2020

Northwest Pennsylvania Regional Planning & Development Commission Awarded $400,000 Grant for Coronavirus Recovery
Erie News Now, 6/24/2020

Greater Egypt Planning and Development Commission receives $400K for pandemic recovery
The Southern Illinoisan, 6/23/20

White House Opportunity and Revitalization Council Delivers Report to President Donald J. Trump
MyChesCo, 6/19/20

Three Rivers awarded $400,000 to assist in region's economic recovery efforts
Northeast Mississippi Daily Journal, 6/16/20

Secretary of Commerce Wilbur Ross Announces Major Grant for IRSC Treasure Coast Manufacturing Center
WQCS, 6/2/20

Prioritizing HBCU during the global pandemic and national recovery
Yellowhammer News, 5/22/20

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