Press Release

Commerce Department Supports Small Business Recovery Initiative in New York City

June 22, 2010
Contact: John Atwood, (202) 482-4085

EDA Funding to Provide Technical Assistance to Seedco Financial Services, Inc.

New York, New York - U.S. Deputy Assistant Secretary of Commerce for Economic Development Brian McGowan today announced a $750,000 grant to Seedco Financial Services, Inc., of New York, New York to provide post-financing technical assistance to early stage, high growth potential companies through Seedco's Small Business Recovery Initiative.

"EDA supports the development of innovative start-up companies," said McGowan. "This EDA grant will spur innovation and entrepreneurship in New York City by providing critical technical assistance to new and existing business ventures that have a great potential to grow and create jobs."

The Small Business Recovery Initiative will help to achieve business growth and sustainability, while providing higher level expertise in business execution, unit/service pricing, and strategic operation. EDA grant funds will be used for technical assistance activities only, any financing will be provided by the grantee.

McGowan is in New York this week to highlight EDA investments made to support small business and job growth in the region.

About the U.S. Economic Development Administration (www.eda.gov):

This year, the U.S. Economic Development Administration (EDA) marks 45 years of public service, with a mission of leading the federal economic development agenda by promoting competitiveness and preparing American regions for growth and success in the worldwide economy. EDA is an agency within the U.S. Department of Commerce that partners with distressed communities throughout the United States to foster job creation, collaboration and innovation.