Press Release

U.S. Department of Commerce Invests $788,774 to Equip Biotech Incubator Facility in Torrance, California

WASHINGTON – The U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $788,774 grant to the Los Angeles Biomedical Research Institute at Harbor-UCLA Medical Institute, Los Angeles, California, to help purchase research equipment for use in the Institute’s Torrance, California, biotech incubator facility.

“The city of Torrance will benefit immensely through improving equipment at the Los Angeles Biomedical Research Institute,” said Deputy Assistant Secretary for Regional Affairs Dennis Alvord. “This project will allow for the expansion of entrepreneurial and forward-thinking businesses by providing the tools they need to grow and thrive.”

The improvement of the incubator facility will enable entrepreneurial firms to create more employment opportunities across the region. Client companies are expected to utilize the space for an average of 12 months. Upon graduation from the facility, the newly developing companies will produce significantly more investment and employment opportunities in the local community.

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.