U.S. Department of Commerce Invests $844,941 to Support Business Development in Western Colorado
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $844,941 grant to the Telluride Foundation to boost business development efforts in western Colorado. According to grantee estimates, the project is expected to create or retain 23 jobs and spur $637,000 in private investment.
“We commend the Telluride Foundation for supporting the growth of small businesses across Colorado,” said Deputy Assistant Secretary for Regional Affairs Dennis Alvord. “This project will build on the region’s strengths by providing locally-based enterprises with the tools they need to be successful.”
This investment funds the Telluride Foundation’s Advance West End program. This effort will help foster the growth of small businesses and bring new economic opportunities to the region in the wake of the downturn of the local coal industry. This project was made possible by the regional planning efforts led by the Region 10 Economic Assistance and Planning. EDA funds Region 10 Economic Assistance and Planning 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.
This project is funded under the 2018 Assistance to Coal Communities (ACC 2018) program, through which EDA will award funds on a competitive basis to assist communities severely impacted by the declining use of coal through activities and programs that support economic diversification, job creation, capital investment, workforce development, and re-employment opportunities.
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.