Success Stories

Displaying 31 - 40 of 204

November 1, 2022

Paradise, California Leverages $1.8 Million EDA Grant to Secure $200 Million Investment

California has experienced its share of wildfires. Nothing, however, could prepare the Golden State for the devastation of the 2018 Camp Fire. The historic and unprecedented conflagration laid waste to a large section of mountainous and semi-rural Butte County, going down as the single most devastating fire disaster in state history.
  • Disaster Recovery
October 31, 2022

Revolving Loan Fund Program Gives Businesses a Flying Start in Tennessee

Mike Williamson is a former Air Force mechanic from Lynchburg, Tennessee. After serving his country, he returned to his hometown and opened Lynchburg Machine Tool, which provides tools and dies for the local automotive manufacturing industry.
  • Small Business Development/RLF
October 25, 2022

New Mexico Program Improves Access to Entrepreneurial Resources

For entrepreneurs, finding support for their potential business can be a challenge, especially for women, minorities, and those in rural communities. Fueled by a $250,000 Economic Adjustment Assistance (PDF) investment from EDA, a program in New Mexico was focused on improving access to entrepreneurial support by tapping into existing community resources.
  • Innovation and Entrepreneurship
October 18, 2022

Colorado Entrepreneurs Gain Holistic Business Support

Starting a small business can be a struggle, and for many entrepreneurs, knowing where to start can either make or break their potential business. Luckily, small businesses in Colorado Springs, Colorado can turn to an entrepreneurial support program, which will meet owners where they are and offer assistance every step of the way.

Exponential Impact launched in 2017, after Colorado Springs city leaders recognized a need for entrepreneurial support in the community.
  • Innovation and Entrepreneurship
October 6, 2022

EDA Supports Equitable Lending Leaders

While the accessibility of credit is vital to the success and growth of small business, research shows that lending to borrowers from marginalized communities continues to lag.1  In 2020, the CARES Act catalyzed a major expansion of the Economic Development Administration’s (EDA) successful Revolving Loan Fund (RLF) program. RLFs provide small businesses access to capital in the form of gap financing to grow and generate new employment opportunities with competitive wages and benefits.  Prior to the onset of the pandemic, EDA’s RLF portfolio boasted a combined capital base of nearly $900 million; CARES Act recovery assistance helped grow the portfolio to more than $1.5 billion.
September 1, 2022

Regional Planning Council Helps Small Businesses Stay Afloat in South Florida

Over the last few years, many Americans have moved to Florida, making it one of the top destinations for domestic migration. In 2021 alone, more than 220,000 people moved to the Sunshine State.

Coupled with the onset of the coronavirus pandemic, this mass migration put a serious strain on the state’s resources, minimizing its lending power to small, minority-owned businesses and other entrepreneurs. However, with assistance from the Economic Development Administration (EDA), the South Florida Regional Planning Council (SFRPC) is helping many such businesses develop and grow.
  • Small Business Development/RLF
August 23, 2022

EDA Investment Helps Preserve Newport, Oregon’s Role in the Pacific Fishery

With a population of just 11,000, the coastal community of Newport, Oregon has managed to establish itself as home to one of the richest seafaring traditions on the West Coast. It’s a destination spot for visitors from throughout the United States who come to see the town’s working waterfronts and maritime-based attractions, such as the Oregon Coast History Museum, historic Yaquina Bay Lighthouse, and notable restaurants and fish markets. Newport’s Oregon Coast Community College offers the nation’s only degree program in aquarium science. The city also serves as Pacific Fleet headquarters for the National Oceanic and Atmospheric Administration, hosting Maritime Operations Center – Pacific and the survey vessels NOAAS Bell M. Shimada and NOOAS Rainier; since 2005, Newport has been designated an official Coast Guard City.
  • Infrastructure
July 28, 2022

AgStart Building Future of Food in Northern California

Agriculture in California is more than just vineyards and avocado groves. According to data from the California Department of Food and Agriculture, farmers in the Golden State produce more than one-third of the United States’ vegetables, two-thirds of its fruits and nuts, and manage more dairy cows than any other place in the United States. In fact California is the largest food-producing state in the country, and a critical lynchpin in the nation’s agricultural ecosystem. It is also globally competitive, producing 80 percent of the world’s almonds and one-third of the world’s processed tomatoes, while remaining a significant exporter of citrus, sushi rice, and other crops. But issues of workforce, water, and land availability are coalescing to challenge the future of food in California.
  • Innovation and Entrepreneurship
July 12, 2022

Maryland EDD Helps Eastern Shore Businesses Navigate the Pandemic

With just two employees, the Mid-Shore Regional Council (MSRC) may be among the smallest of EDA’s economic development districts. But by leveraging the strength of its regional partners, the MSRC makes an enormous impact on Maryland’s Eastern Shore.
  • Economic Development Districts
June 30, 2022

Puerto Rico Welcomes First EDD

Economic Development Districts (EDD) play a vital role in the EDA grant application process. Comprised of multiple jurisdictions that often cross state lines, EDDs leverage the involvement of the public, private, and non-profit sectors to establish a strategic blueprint for economic development.
  • Economic Development Districts