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Contact: John Atwood (EDA), (202) 482-4085
Louis Segesvary (ARC), (202) 884-7771
Wednesday, September 4, 2013
WASHINGTON — U.S. Deputy Assistant Secretary of Commerce for Economic Development Matt Erskine and Federal Co-Chair of the Appalachian Regional Commission (ARC) Earl Gohl today traveled to Maryville, Loudon, and Knoxville, Tennessee, to announce $3.4 million in federal investments to provide critical new infrastructure and entrepreneurial training that will spur business development and job growth in Tennessee. The grants from the U.S. Economic Development Administration (EDA) are expected to create more than 380 new jobs and spur more than $90 million in private investment, according to grantee estimates.
“The EDA co-investments announced today will catalyze local, bottom-up plans to grow the Tennessee economy,” said Deputy Assistant Secretary Erskine. “These EDA grants will provide critical business infrastructure that will assist entrepreneurs, thereby supporting job growth and business development in several Tennessee cities.”
“The investments that ARC and EDA are making in Appalachian Tennessee will help lay the foundation for a more vibrant rural economy,” said Federal Co-Chair Gohl. “The ARC grants funding the operation of the Knoxville Entrepreneur Center and Biz Foundry are important steps to this end, helping grow ideas into viable businesses in an accelerated fashion. As a result, these businesses will be able to build their revenue streams and create jobs faster than they could on their own.”
“This year I was honored to be named the top champion of rural America in the 435-member House of Representatives for my efforts supporting and defending smaller communities,” said U.S. Congressman John J. Duncan, Jr. “I have always rooted for the little guy or the underdog in life. It is very important to stand up for small towns and rural areas because they do not have the resources of larger towns and cities, and they are losing population all across America. I am so pleased the EDA and ARC have recognized Loudon and Blount Counties and Launch TN with these grants.”
The $3.4 million in investments announced today include:
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.
About the Appalachian Regional Commission (www.arc.gov)
The Appalachian Regional Commission (ARC) is a regional economic development agency that represents a partnership of federal, state, and local government. Established by an act of Congress in 1965, ARC is composed of the governors of the 13 Appalachian states and a federal co-chair, who is appointed by the president. Local participation is provided through multi-county local development districts.