U.S. Economic Development Administration Invests $500,000 to Help Entrepreneurs Grow the Film, Media, and Communications Cluster in New Jersey
Contact: Public Affairs Department, (202) 482-4883
Wednesday, June 4, 2014
WASHINGTON — The U.S. Commerce Department’s Economic Development Administration (EDA) today announced a $500,000 grant to New Jersey City College in Jersey City, New Jersey. The investment will help grow the state’s film, media, and communications cluster by providing technical assistance and incubator and acceleration services to more than 200 entrepreneurs who are looking to compete in the cluster.
“Supporting a culture that is conducive to entrepreneurship and startups is a key focus of the Obama administration,” said U.S. Assistant Secretary of Commerce for Economic Development Jay Williams. “This EDA investment will help expand the communications cluster in the region by providing local entrepreneurs with the assistance and services they need to succeed.”
The EDA investment will bring together New Jersey City University and Rising Tide Capital in an effort to recruit, train and develop entrepreneurs within Hudson County to participate in the region's film, media, and communications cluster. The Start, Sustain, Expand project will provide significant business development services to 210 persons in the Hudson County film, media and communications cluster.
Hudson County suffers from a high unemployment rate. According to the grantee, the County tends to "import" workers for high-skill, high-wage jobs as opposed to hiring from within. The large gaps in income and employment in the county are part of the cyclical poverty that plagues Jersey City. The EDA investment will target entrepreneurs and businesses of traditionally underserved communities in Hudson County with hopes of providing a continuum of services to those who might not otherwise be served.
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.