U.S. Economic Development Administration Invests $209,270 to in Prestonsburg, Kentucky
Contact: Public Affairs Department, (202) 482-4085
Wednesday, May 21, 2014
WASHINGTON - The U.S. Commerce Department’s Economic Development Administration (EDA) today announced a $209,270 grant to the city of Prestonsburg, Kentucky, to help build an access road that will open a previously unusable part of an industrial park to development. The project is expected to create 95 jobs and generate $5 million in private investment, according to grantee estimates.
“Supporting local plans to attract private investment and create jobs is a key priority of the Obama administration,” said U.S. Assistant Secretary of Commerce for Economic Development Jay Williams. “This EDA grant will make the critical roadway improvements need to expand the Stone Crest Industrial Park to attract new businesses and jobs to the region.”
The EDA grant will help to build an access road into the Stone Crest Industrial Park to serve a health care facility and other businesses. The park is located on a reclaimed mountaintop that was previously a coal mine and is suitable for light industry or professional services.
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.