Six programs, collectively called Investing in America’s Communities, will equitably invest the $3 billion EDA received from President Biden’s American Rescue Plan. The programs aim to assist communities in their efforts to build back better by accelerating the economic recovery from the coronavirus pandemic and building local economies that will be resilient to future economic shocks. EDA is making a Coal Communities Commitment, allocating $300 million of this funding to ensure support for coal communities.
Through ACC 2018, EDA designates a portion of its EAA funding to support communities and regions that have been negatively impacted by changes in the coal economy.
The Build to Scale (B2S) Program builds regional economies through scalable startups and includes three competitions supporting entrepreneurship, acceleration of company growth and increased access to risk capital across regional economies.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides the Economic Development Administration (EDA) with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to coronavirus.
Assists state and local interests in designing and implementing strategies to adjust or bring about change to an economy. The program focuses on areas that have experienced or are under threat of serious structural damage to the underlying economic base. Under Economic Adjustment, EDA administers its Revolving Loan Fund (RLF) Program, which supplies small businesses and entrepreneurs with the gap financing needed to start or expand their business.
This program is a network of Economic Recovery Corps fellows to add human capital to local organizations focused on improving economic resilience and competitiveness in distressed regions across the country.
Equity Impact Investments provides technical assistance to enable organizations serving underserved populations and communities to participate in economic development planning and projects.
Helps fill the knowledge and information gaps that may prevent leaders in the public and nonprofit sectors in distressed areas from making optimal decisions on local economic development issues.
Supports local organizations (Economic Development Districts, Indian Tribes, and other eligible areas) with short and long-term planning efforts. The Comprehensive Economic Development Strategy (CEDS) Content Guidelines, provides suggestions, tools, and resources for developing comprehensive economic development strategies
Empowers distressed communities to revitalize, expand, and upgrade their physical infrastructure to attract new industry, encourage business expansion, diversify local economies, and generate or retain long-term, private sector jobs and investment
Regional Technology and Innovation Hubs and Recompetes
These programs were recently authorized by the CHIPS and Science Act of 2022, and funds were first appropriated via the Consolidated Appropriations Act, 2023. EDA is underway with design and implementation of this program, and encourages interested stakeholders to learn more by reading the programs’ authorizations (15 U.S.C. § 3722a for Regional Technology and Innovation Hubs; 15 U.S.C. § 3722b for Recompetes) and EDA’s Statement On Fiscal Year 2023 Appropriation.
The RNTA program funds research, evaluation, and national technical assistance projects that promote competitiveness and innovation in distressed rural and urban regions throughout the United States and its territories.
EDA provides Economic Adjustment Assistance (PDF) grants to eligible recipients to capitalize or recapitalize lending programs that service businesses that cannot otherwise obtain traditional bank financing (and in limited situations to governmental entities for public infrastructure). These loans provide access to capital as gap financing to enable small businesses to grow and generate new employment opportunities with competitive wages and benefits. Financing also helps retain jobs that might otherwise be lost, create wealth, and support minority and women-owned businesses.
SPRINT Challenge awardees are leading projects that address the economic, health, and safety risks caused by the coronavirus pandemic through regional innovation and supporting the growth of scalable, technology-driven businesses. This national competition was designed to support the development, creation, or expansion of programs that accelerate technology-based economic development and respond to the challenges caused by the coronavirus pandemic.
The U.S Economic Development Administration’s STEM Talent Challenge aims to build STEM talent training systems to strengthen regional innovation economies. The FY21 STEM Talent Challenge will award a total of $2 million in grants to organizations that are creating and implementing STEM talent development strategies that complement their region’s innovation economy.
A partnership of the federal government and academia that makes the varied and vast resources of universities available to the economic development community.