Press Release

U.S. Department of Commerce Invests $1 Million to Spur Business Growth in New Orleans

Contact: Public Affairs Department, (202) 482-4085
Friday, September 7, 2012

WASHINGTON - Acting U.S. Commerce Secretary Rebecca Blank today announced a $1 million Economic Development Administration (EDA) grant to the New Orleans Business Alliance of New Orleans, Louisiana, to help fund the development and implementation of a strategic plan to boost business and job growth in the city.

"This $1 million EDA investment in New Orleans is an example of the Obama administration's commitment to supporting efforts that lead to long-term economic growth and job creation," said Acting U.S. Commerce Secretary Blank. "The grant announced today to the New Orleans Business Alliance, which will help the Alliance identify ways to support existing businesses and attract new ones to the region, is part of EDA's ongoing efforts to aide in economic rebuilding and recovery in the city and its surrounding region."

The EDA investment helps fund the creation of a strategic five-year economic development plan for the city of New Orleans. The study will help the New Orleans Business Alliance identify top sectors and opportunities for long-term job growth, outline strategies for developing those sectors, and present a unified economic development agenda that highlights New Orleans' unique strengths as well as opportunities to enhance the city's competitiveness.

The U.S. Commerce Department has invested millions of dollars in the Gulf to support economic growth and job creation, and has accelerated such efforts since President Obama took office. The administration has also taken significant steps to eliminate red tape, including obligating billions in public assistance funds to support the recovery in Louisiana and Mississippi that had previously been stalled, and has continued to work with state and local partners to provide assistance to the region.

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.