Press Release

U.S. Department of Commerce Invests More than $2.5 Million to Support Small Businesses and Entrepreneurship in Nine States and the District of Columbia

Contact: Public Affairs Department, (202) 482-4085
Monday, September 22, 2014

WASHINGTON – U.S. Secretary of Commerce Penny Pritzker today announced that the Department’s Economic Development Administration (EDA) is awarding more than $2.5 million in grants to support the implementation of the HOPE Inside Small Business Empowerment Initiative (SBEI) to assist small business owners in nine states and the District of Columbia. According to the grantee, SBEI intends to graduate 600 entrepreneurs from a training program, educate 6,000 participants through their Small Business Workshops, create 600 small businesses, enroll 4,500 participants in credit and money management and provide technical assistance to 3,000 small business owners during the grant period.

“President Obama and I are committed to ensuring the success of American small businesses and promoting entrepreneurship, which is crucial to strengthening our economy and competitiveness,” said Secretary Pritzker. “The EDA investments announced today will provide support to small businesses in nine states and the District of Columbia and aim to generate thousands of new businesses and entrepreneurs to serve as economic engines in those regions.”

The EDA investments will support expansion of the HOPE Inside Small Business Empowerment Initiative (SBEI) to Atlanta, GA; Birmingham, AL; Memphis, TN; Jacksonville and Orlando, FL; the greater Los Angeles and Oakland areas in CA; Phoenix and Tucson, AZ; Las Vegas, NV; New York, NY; Baltimore, MD; and Washington, DC. EDA’s investment will help fund introductory small business workshops, comprehensive twelve-week entrepreneurial training program courses, and individualized technical assistance, including access to capital and adult financial services credit and money management counseling. SBEI will be conducted through local bank branch locations in low income communities in the included metropolitan areas. SBEI will assist small business owner and entrepreneurs, including veterans, in creating and expanding their businesses through the innovative HOPE Inside model.

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.