U.S. Department of Commerce Invests $800,000 to Establish a Business Incubator in the Town of Tabor City, North Carolina
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding an $800,000 grant to the town of Tabor City, North Carolina, to renovate a historic building for use as a business incubator that will support business growth in the region.
“We commend Tabor City on their strategy to help support local entrepreneurs,” said Deputy Assistant Secretary for Regional Affairs Dennis Alvord. “This project will strengthen the local economy by providing new and existing businesses with the tools they need to grow and thrive.”
The project will help the region recover from damage caused by Hurricanes Matthew and Florence, which caused significant business disruption and loss in 2016 and 2018 respectively. The new incubator will support local disaster resiliency efforts by helping new businesses grow and established businesses start over or expand. This project was made possible by the regional planning efforts led by the Southeastern Economic Development Commission. EDA funds the Southeastern Economic Development Commission 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.