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A bureau within the U.S. Department of Commerce
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Press Release

U.S. Commerce Secretary Locke Announces $1.75 Million Recovery Act Grant to Create Jobs, Boost Development in Albuquerque, New Mexico

June 23, 2009
Contact: Bryan Borlik, (202) 482-4085

WASHINGTON - U.S. Commerce Secretary Gary Locke today announced a $1.75 million Economic Development Administration (EDA) grant to ACCION New Mexico of Albuquerque to help build their regional headquarters in Albuquerque's historic Sawmill District. The project, made possible because of the American Recovery and Reinvestment Act of 2009, is expected to create additional jobs and private investment in the region. ACCION New Mexico is a not-for-profit organization dedicated to providing technical and micro-loan assistance for small and minority-owned businesses.

"The Obama Administration is committed to creating jobs, encouraging innovation and improving our nation's economic competitiveness," Locke said. "This grant will help ACCION New Mexico build their new headquarters and continue providing expertise for small and minority-owned businesses in Albuquerque."

The Recovery Act was signed into law by President Obama on February 17, 2009. It is providing immediate relief for American families and jump-starting billions of dollars in new projects that are creating jobs, improving infrastructure and strengthening local economies.

"ACCION New Mexico has long played a very important role in supporting small businesses, and during the economic downturn it has been a lifeline for small businesses who would have had nowhere else to turn for capital and expertise. I am very happy that the U.S. Commerce Department has awarded ACCION New Mexico this $1.7 million grant. The funding will not only create jobs in the short-term by constructing a new headquarters in Albuquerque, it will allow ACCION New Mexico to expand its economic development reach," U.S. Sen. Jeff Bingaman said.

"ACCION has 15 years of experience helping small and minority-owned businesses create jobs in our communities," U.S. Sen. Tom Udall said. "With this Recovery Act funding, they will be able to more effectively serve Albuquerque's businesses and grow our state's economy."

"This grant is a sound investment in the emerging entrepreneurs of small and minority-owned businesses in Albuquerque," U.S. Rep. Martin Heinrich (NM-1) said. "ACCIÓN New Mexico's commitment to stimulate and support entrepreneurship development will result in more jobs and innovation, putting New Mexico and our Nation on the road to economic recovery."

The Department of Commerce is a voice for Main Street businesses. It focuses on creating jobs by fostering innovation and opening markets to U.S. products.

EDA is an agency within the U.S. Commerce Department and supports the economic development needs of distressed communities throughout the United States. Its mission is to lead the federal economic development agenda by promoting innovation and competitiveness and preparing American regions for growth and success in the worldwide economy.

Additional information on how EDA investments are helping distressed communities create a positive and sustainable economic future can be accessed at: http://www.eda.gov.