U.S. Department of Commerce Invests $500,000 to Boost Innovation and Entrepreneurship-related Business Development and Job Growth in St. Louis
WASHINGTON – The U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $500,000 grant to the Technology Entrepreneur Center, Inc., (T-REX) of St. Louis, Missouri, to develop a Locational Intelligence Resource Center (LIRC) that will support existing and start-up Advanced Information and Intelligence Technology companies. According to grantee estimates, the project is expected to create 475 jobs.
“We commend T-REX for championing innovation and entrepreneurship to spur the next generation of businesses and create high-skill, high-wage jobs in the St. Louis region,” said Deputy Assistant Secretary for Regional Affairs Dennis Alvord. “This project will provide a critical niche industry with the support they need to grow and thrive.”
The St. Louis Advanced Information and Intelligence Technology sector is a large business cluster with unique strengths in locational intelligence. This project was made possible by the regional planning efforts led by the St. Louis Economic Development Partnership (STLEDP). EDA funds STLEDP to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private 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.