U.S. Department of Commerce Invests $2 Million to Construct Business Incubator to Support Entrepreneurial Development in Laurinburg, North Carolina
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2 million grant to the Scotland County Economic Development Corporation, Laurinburg, North Carolina, to construct a new business incubator to provide workspace for startup companies and expanding industries. The EDA grant, to be matched with more than $1 million in local investment, is expected to create 300 jobs and spur $10 million in private investment.
“President Trump is working every day to empower our nation’s entrepreneurs so they can innovate, thrive, and create new jobs for Americans,” said Secretary of Commerce Wilbur Ross. “The industrial business incubator being established in Laurinburg will support entrepreneurial development and new job opportunities to diversify the local economy and make it more resilient to future natural disasters.”
“Hurricane Florence severely impacted Scotland County by in 2018,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “This project will promote economic resilience and advance North Carolina businesses and entrepreneurs by providing them with the office space and technical assistance they need to grow and expand.”
“This grant will go a long way in supporting Scotland County's recovery and economic development,” said Governor Roy Cooper. “As we recognize Manufacturing Week in North Carolina, we pledge a year-round commitment to backing the hard work and innovation of North Carolinians who make our state's economy strong and resilient.”
“Small businesses and startup companies play a crucial role in North Carolina’s economy,” said Senator Thom Tillis. “Providing space for these businesses to work and grow offers the opportunity they need for a successful future. This grant is great news for businesses in Laurinburg, and surrounding areas, and will help create around 300 new jobs for North Carolinians. I applaud the Administration and Secretary Ross for continuing to invest in the great state of North Carolina.”
“This $2 million grant will amplify ongoing efforts by local officials to spur economic growth in Scotland County,” said Congressman Dan Bishop (NC-09). “Thanks to the tireless work of local leaders and the focus of the Administration on empowering local economies, this grant will benefit not only Laurinburg, but the whole of North Carolina as our entrepreneurs thrive.
This project was made possible by the regional planning efforts led by the Southeastern Economic Development Commission, which EDA funds to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.
This project is funded by the Additional Supplemental Appropriations for Disaster Relief Act of 2019 (Pub. L. 116-20) (PDF), which provided EDA with $600 million in additional Economic Adjustment Assistance (EAA) Program (PDF) Program funds for disaster relief and recovery for areas affected by Hurricanes Florence, Michael, and Lane, Typhoons Yutu and Mangkhut, wildfires, volcanic eruptions, and other major natural disasters occurring in calendar year 2018, and tornadoes and floods occurring in calendar year 2019, under the Robert T. Stafford Act. Please visit EDA’s Disaster Supplemental webpage for more information.
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.