U.S. Department of Commerce Invests $1 Million to Build Bioscience Innovation Lab in Albuquerque
Contact: EDA Public Affairs Department, (202) 482-4085
September 20, 2017
WASHINGTON – U.S. Secretary of Commerce Wilbur Ross today announced that the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to Innovate ABQ, Inc. of Albuquerque, New Mexico, to establish the Innovate ABQ bioscience business incubator. According to grantee estimates, the project is expected to create 155 jobs, retain 80 jobs, and generate $2.5 million in private investment.
“The Trump Administration has dedicated itself to ensuring that American small businesses have every opportunity to succeed,” said Secretary of Commerce Wilbur Ross. “The new Innovate ABQ, Inc., bioscience incubator will provide entrepreneurs and residents with a new opportunity to grow and develop their own businesses in their local community.”
The project will support the design, development and renovation of an existing building to establish a new bioscience business incubator in Albuquerque. It will create a collaborative work environment to enable bioscience innovation and entrepreneurship to thrive and create new jobs. This project was made possible by the regional planning efforts led by the Mid-Region Council of Governments in Albuquerque. EDA funds the Mid-Region Council of Governments to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support capital investment and create jobs.
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 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.