U.S. Department of Commerce Invests $3.5 Million to Establish a Business Disaster Response Center in Caguas, Puerto Rico
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $3.5 million grant to Iniciativa Tecnológica Centro Oriental, Inc. (INTECO) of Caguas to construct the Business Disaster Response Center. According to grantee estimates, the project is expected to create 324 jobs, retain 360 jobs, and spur $660,000 in private investment.
“The Trump Administration is committed to rebuilding Puerto Rican communities and businesses after last year’s devastating hurricanes,” said Secretary of Commerce Wilbur Ross. “This project will help accelerate the island’s recovery by allowing the private sector access to the resources required for sustained growth.”
This investment supports the establishment of a 14,000 square-foot Business Disaster Response Center to assist industries impacted by Hurricanes Irma and Maria. The center will support businesses across 12 municipalities with disaster recovery, incubation space, business education, and access to capital through regional Community Development Financial Institutions.
This project is funded under the Bipartisan Budget Act of 2018 (PL 115-123) (PDF), in which Congress appropriated to EDA $600 million in additional Economic Adjustment Assistance (EAA) Program (PDF) funds for disaster relief and recovery as a result of Hurricanes Harvey, Irma, and Maria, wildfires, and other calendar year 2017 natural disasters under the Stafford Act.
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.