U.S. Department of Commerce Invests $676,090 in American Rescue Plan Funds to Boost Tech-Based Business Growth in Northern Utah
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $676,090 grant to Catalyst Campus for Technology and Innovation (CCTI), Colorado Springs, Colorado, to create a technology business accelerator program in Ogden, Utah. This grant is funded by the American Rescue Plan.
This grant will provide training and support to entrepreneurs in the defense and aerospace industries, supporting business growth and job creation. This EDA grant will be matched with $194,567 in local funds and is expected to create 130 jobs and generate $80 million in private investment, according to grantee estimates.
“The Economic Development Administration plays an important role in supporting community-led economic development strategies designed to boost coronavirus recovery and response efforts,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This project will expand upon a successful program undertaken by CCTI in Colorado to provide needed resources and support to small technology businesses in northern Utah to spur private investment and boost the regional economy.”
This project was made possible by the regional planning efforts led by the Wasatch Front Regional Council (WFRC). EDA funds WFRC 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.