U.S. Department of Commerce Invests $4 Million in American Rescue Plan Funds to Boost Entrepreneurship in Rexburg, Idaho
WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $4 million grant to E-Central Idaho P & DA, Inc. (ECIPDA), Rexburg, Idaho, to make infrastructure improvements needed to support entrepreneurs. This grant is funded by the American Rescue Plan.
This grant will support construction of a new, two-story facility at the Teton River Business Center that will provide operating space for entrepreneurs and startup businesses to spark job-creating economic activity in the area. The EDA investment will be matched with $2.5 million in local funds and is expected to create or retain 115 jobs and generate $2 million in private investment, according to grantee estimates.
“President Biden is committed to harnessing the full power of the federal government to ensure our nation not only recovers from this pandemic but builds a better America for the future,” said Secretary of Commerce Gina Raimondo. “This EDA investment will provide the operating space that entrepreneurs and small businesses in Rexburg need to be successful and create good-paying jobs.”
“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. “We are excited to support the further development of the Teton River Business Center to help create economic opportunity for the people of Rexburg and the surrounding region.”
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.