U.S. Department of Commerce Invests $1.4 Million in American Rescue Plan Funds to Support Manufacturing Expansion in Monroe City, Missouri
WASHINGTON – Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $1.4 million grant to Monroe City, Missouri, to provide an efficient and safe transportation route to Monroe City’s industrial park is support of manufacturing growth. This grant is funded by the American Rescue Plan.
This project will provide improved roadways and stormwater infrastructure along to County Line Road 502, allowing businesses in Monroe City’s industrial park to expand their operations and attracting new business opportunities. This EDA grant will be matched with $362,475 in local funds and is expected to create 39 jobs and generate $3.7 million in private investment, according to grantee estimates.
“President Biden’s American Rescue Plan delivers federal resources to communities to ensure our nation not only recovers from the pandemic, but builds a better America for the future,” said Secretary of Commerce Gina M. Raimondo. “This investment in Monroe City will spur private investment and build regional economic resiliency through support of the local manufacturing sector.”
“The Economic Development Administration is pleased to support locally-driven strategies that are driving economic recovery in Missouri,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “Road improvements along the route to Monroe City’s industrial park will bring new job opportunities to this rural community that will strengthen the local economy for decades to come.”
“We welcome this award to Monroe City that will help support businesses and economic growth in our northern rural region,” said Governor Mike Parson. “Missouri is a leading state for manufacturing growth, and we want to continue to expand business and increase opportunities for Missourians all across the state. This grant is a great addition to our efforts to do just that.”
This project was made possible by the regional planning efforts led by the Mark Twain Regional Council of Governments (MTRCOG). EDA funds MTRCOG 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. Effective May 26, 2022, EDA has officially closed all of its American Rescue Plan programs for applications. The $3 billion program funding will be awarded on a rolling basis through September 30, 2022.
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.