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Contacts: John Atwood, (202) 482-4085
Wednesday, September 26, 2012
WASHINGTON - The U.S. Department of Commerce's Economic Development Administration (EDA) today announced a $750,000 grant to Indian Hills Community College in Ottumwa, Iowa, to help build a business incubator that will provide office space and technical assistance to new or expanding businesses associated with the region's growing bio-processing sector. The project is expected to create 450 new jobs and generate $8.4 million in private investment, according to grantee estimates.
"By fueling collaboration between private and public actors and playing a catalytic role in the business incubation process, this EDA investment helps strengthen the local economy, creating opportunity for residents and businesses in Ottumwa and throughout Wapello County," said Acting Assistant Secretary of Commerce for Economic Development Matt Erskine.
"The incubator will be an important tool for area developers and entrepreneurs. Rural areas like ours find it very difficult to accomplish these types of projects without the financial and technical assistance that EDA has provided," stated Dr. Frederick Lindenmayer, President, Indian Hills Community College.
The EDA investment will help Indian Hills Community College build a 10,000-square-foot flexible, multi-use business incubator building to help grow the region's bio-processing cluster. The facility will help foster new businesses that will help to ensure the continued growth of the bio-processing cluster in Iowa.
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.