U.S. Department of Commerce Invests $524,360 in American Rescue Plan Funds to Support Manufacturing Sector in Loretto, Tennessee
Award is Part of the Department of Commerce’s $300 million Coal Communities Commitment
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $524,360 grant to Loretto, Tennessee, to extend sewer service to a newly acquired industrial property. This grant is funded by the American Rescue Plan and EDA’s $300 million Coal Communities Commitment.
This grant will provide added sewer system capacity that will allow four manufacturing businesses to expand their operations in a region that has been impacted by fluctuations in the energy economy. The EDA investment will be matched with $131,090 in local funds and is expected to create 80 jobs, retain 309 jobs and generate $8.5 million in private investment, according to grantee estimates.
“The Economic Development Administration is dedicated to working with communities to support their locally-driven strategies to recover and rebuild from the pandemic,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This project announced today will provide critical infrastructure upgrades that are needed to support the region’s manufacturing industry and spur private investment in Tennessee.”
This project was made possible by the regional planning efforts led by South Central Tennessee Development District (SCTDD). EDA funds SCTDD 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 EDA’s American Rescue Plan Economic Adjustment Assistance program, which makes $500 million in Economic Adjustment Assistance grants available to American communities. The Economic Adjustment Assistance program is EDA’s most flexible program, and grants made under this program will help hundreds of communities across the nation plan, build, innovate, and put people back to work through construction or non-construction projects designed to meet local needs.
EDA’s Coal Communities Commitment allocates $300 million of EDA’s $3 billion American Rescue Plan appropriation to support coal communities as they recover from the pandemic and to help them create new jobs and opportunities, including through the creation or expansion of a new industry sector. Specifically, EDA has dedicated $100 million of its Build Back Better Regional Challenge funds and $200 million of its Economic Adjustment Assistance funds to directly support coal communities.
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 invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.