May 3 - 7, 2021

EDA announced nine investments from May 3-7, 2021, totaling $11,663,276, which is matched by $1,747,456 in local investments. These investments include the following: (1) $11,013,276 in six Economic Adjustment Assistance-COVID-19 Recovery and Resiliency Projects to help alleviate sudden and severe economic dislocation caused by the coronavirus pandemic that will help create 554 jobs, save 1,848 jobs, and leverage $45,650,000 in private investments; (2) $400,000 in one Economic Adjustment Assistance project to help communities design and implement strategies to adjust or bring about change to their economy in response to structural damage to their underlying economic base; (3) $70,000 in one Local Technical Assistance project to strengthen the capacity of local or state organizations and institutions to undertake and promote effective economic development programs; and (4) $180,000 in one Partnership Planning project to support the development and implementation of the Comprehensive Economic Development Strategy process.

• $11,013,276 in six Economic Adjustment Assistance-COVID-19 Recovery and Resiliency Projects, matched by $1,577,456 in local investments, as follows:
  • $5,000,000, with no local match, to TruFund Financial Services, Inc., New York/New York County, New York, to support TruFund Financial Services with establishing a $4,400,000 Revolving Loan Fund (RLF) to be deployed over a three-year period to support the recovery and resilience of small businesses located in the five boroughs of New York City impacted by the COVID-19 pandemic. $600,000 would be used to administer the fund and provide technical assistance to clients. The RLF will support small business needs including working capital, investment in infrastructure, debt refinance and contract financing. Once implemented, the project will alleviate sudden and severe economic dislocation caused by the coronavirus (COVID-19) pandemic, provide permanent resources to support economic resiliency, and further the long-term economic adjustment objectives of the region. The grantee estimates that this investment will help create 125 jobs and save 250 jobs.
  • $3,054,726, matched by $763,682 in local investment, to the City of Holdrege/Phelps County Development Corporation, Holdrege/Phelps County, Nebraska, to fund infrastructure improvements to support the development of a manufacturing facility within 34 acers of the 134-acre Iron Horse Industrial Park in the City of Holdrege, Nebraska. The project will provide water, sewer, and street improvements to facilitate the construction of this new manufacturing facility, which will produce patented personal protective equipment (PPE) for medical workers such as gloves and masks. Once completed, the project will allow businesses to quickly respond to future disruptions, like those caused by the COVID-19 pandemic, and encourage local businesses to stay and expand in their current location, which will help create and retain jobs, and advance economic resiliency throughout the region. The grantee estimates that this investment will help create 73 jobs and leverage $40,000,000 in private investment.
  • $1,013,534, matched by $253,384 in local investment, to the Adirondack North Country Association, Saranac Lake/Franklin County, New York, to fund the Adirondack North Country Association (ANCA)’s Center for Pandemic Response project, to provide technical assistance services to help small businesses across New York’s Adirondack North Country region. This project encompasses eleven counties: Clinton, Essex, Franklin, Hamilton, Herkimer, Jefferson, Lewis, St. Lawrence, Saratoga, Warren, and Washington, including 19 Opportunity Zones. ANCA will utilize existing networks of partners specializing in business development services to develop individually tailored COVID-19 Resilience Plans, which will help to strengthen the regional economy and advance economic resiliency throughout the region. The grantee estimates that this investment will help create 210 jobs, save 1,425 jobs, and leverage $250,000 in private investment.
  • $1,095,000, matched by $273,750 in local investment, to the Center for Applied Research and Technology, Bluefield/Mercer County, West Virginia, to support the Center for Applied Research and Technology with providing high-tech industrial supportive services to assist businesses and entrepreneurs in a six-county region to recover from the COVID-19 pandemic. This project will foster new businesses, diversify product lines of existing business, streamline manufacturing processes, and create and retain jobs throughout Bluefield, West Virginia, an area that has been severely impacted by years of declines in extractive industries such as coal and timber which were once robust. Once completed, this project will help advance long term economic vitality and sustainability, attract private investment, and strengthen the regional economy. The grantee estimates that this investment will help create 48 jobs, save 48 jobs, and leverage $2,200,000 in private investment.
  • $525,000, matched by $250,000 in local investment, to the Lowcountry Regional Water System, Hampton/Hampton County, South Carolina, to fund wastewater system improvements to support the expansion of a biomedical research company located in Hampton County, South Carolina. The critical infrastructure is needed for business expansion and job creation and to support the community in responding to the economic injury resulting from the COVID-19 pandemic. The County has received nationally declared disaster status for three out of the last 5 years due to Hurricanes Matthew and Irma, as well as COVID 19 and the most recent tornadic activity in South Carolina has taken an economic toll on local industries, especially those that require more than domestic water/wastewater to run their operations. Once completed, the project will provide permanent resources to provide adequate and sustained sewer service support, which will strengthen and advance the regional economy. The grantee estimates that this investment will help create 50 jobs, save 125 jobs, and leverage $2,000,000 in private investment.
  • $325,016, matched by $36,640 in local investment, to the University of North Carolina at Chapel Hill, Chapel Hill/Orange County, North Carolina, to support the University of North Carolina at Chapel Hill in its initiative to provide direct technical assistance to help anchor institutions review their procurement practices, identify local sourcing opportunities, and connect anchor institutions with local businesses. The project will help the region examine how the purchasing of anchor institution can be leveraged to facilitate economic recovery from the COVID-19 pandemic. Further, a network of anchor institutions from across North Carolina and communities adversely impacted by COVID-19 across the nation will be convened to share lessons learned, and will receive full access to all webinars, virtual workshops and reports so that other anchor institutions can also benefit from this work and support economic recovery from COVID-19 throughout the region. The grantee estimates that this investment will help create 48 jobs and leverage $1,200,000 in local investment.
• $400,000 in one Economic Adjustment Assistance project, matched by $100,000 in local investment, as follows:
  • $400,000, matched by $100,000 in local investment, to the Memphis and Shelby County Port Commission, Memphis/Shelby County, Tennessee, to support the Marine Multi-Modal Freight Terminal Planning Report that will study the suitability of a 1,000-acre intermodal container terminal, and other multiple water-fronted facilities, along the south edge of McKellar Lake in Memphis, Tennessee. The Marine Terminal will improve local economic conditions by creating direct and indirect jobs as well as adding an alternative method of transportation for foreign trade and capacity for international import at the Memphis Port. The project will help create resiliency against future disasters, which will strengthen the regional economy and attract private investment.
• $70,000 in one Local Technical assistance project, matched by $70,000 in local investment, to the Kashia Band of Pomo Indians of the Stewarts Point Rancheria, Santa Rosa/Sonoma County, California, to support the development of a comprehensive economic development strategy for the Kashia Band of Pomo Indians of the Stewarts Point Rancheria in Santa Rosa. Once implemented, the strategy will lead to the capitalization of new opportunities and creation of jobs throughout the region.
• $180,000 in one Partnership Planning project, with no local match, to support the development and implementation of the Comprehensive Economic Development Strategy (CEDS) process. The CEDS process is designed to bring together the public and private sectors in the creation of an economic development roadmap to diversify and strengthen the regional economy.