Biden-Harris Administration Announces Recompete Finalist in Memphis, Tennessee, to Support Business Growth and Economic Mobility

Contact: EDA Public Affairs Department, [email protected]

WASHINGTON, DC — The Biden-Harris Administration, through the U.S. Department of Commerce’s Economic Development Administration (EDA), today announced that Prosper Memphis 2030 Recompete Plan in Memphis, Tennessee, was named a Finalist in the Distressed Area Recompete Pilot Program (Recompete).

Prosper Memphis 2030 Recompete Plan, led by the Memphis Chamber Foundation, will work to diversify the local economy and build pathways into growth industries. Building on the “More Memphis” initiative to identify and implement equitable growth strategies, Prosper Memphis 2030 will create career pathways into Industry 4.0 sectors, expand critical supports such as childcare, enabling business growth and entrepreneurship in underserved communities.

The Recompete program, authorized by the CHIPS and Science Act, targets areas where prime-age (25-54 years) employment is significantly lower than the national average, with the goal to close this gap through flexible, locally driven investments. Earning the title of Recompete Finalist is an endorsement of the community’s strategy to create and connect workers to good jobs in geographically diverse and persistently distressed communities across the country. Recompete Finalists are now eligible to apply for the final phase of the Recompete Program, which will award an average of $20 to $50 million in implementation funding.

“Recompete helps fulfill President Biden’s promise that no community in America will be left behind as we continue to grow our nation’s economy and invest in American workers,” said U.S. Secretary of Commerce Gina Raimondo. “These Recompete Finalists and grant recipients have presented a wide range of inspiring solutions to create jobs, develop long-term economic growth, and realize the full potential in communities that for too long have been overlooked or counted out.”

“As President Biden has said many times: we all just want a fair shot. Recompete helps make it possible for more Americans in more communities to find a good-paying job that puts them and their families on the path toward success. By equitably investing in new job creation opportunities across America, we can help fulfil our promise that no American, and no community, is ever left behind,” said Deputy Secretary of Commerce Don Graves.

“These outstanding Recompete Finalists and strategy development grant recipients exemplify the focused employment and job creation strategies required to address the unique, long-standing needs of communities,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “We look forward to supporting these communities as they work to reduce the employment gap and establish models for long-term economic growth we can apply across America.”

“I voted for the CHIPS and Science Act to provide TN-9 with the kind of investment we need to create new career pathways for the deep wells of talent we have in our community, and to ensure we continue attracting next-generation job opportunities,” said Representative Steve Cohen (TN-09). “I’m Tennessee’s only current Member of the U.S. House of Representatives who voted for the bill, and today I am pleased to announce that the Memphis Chamber Foundation has been named as a finalist for significant grant funding through the U.S. Economic Development Administration’s Recompete program — a career skills-training program authorized by the CHIPS Act. As one of just twenty-two finalists from a pool of over 500, this is a testament to the talent and potential in our community. Memphis has a big role to play in America’s economic resurgence, and I want to congratulate the Memphis Chamber Foundation on putting together a strong grant application.”

The 22 Recompete Finalists were selected from more than 500 applications from lead applicants representing nonprofits, local government, economic development organizations, educational institutions, and tribal government and organizations. Recompete Finalists span regions across 20 states and territories.

For a full list of Recompete Finalists, visit eda.gov/recompete.

About the U.S. Economic Development Administration (www.eda.gov)
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 invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.