U.S. Department of Commerce Invests $2.3 Million to Support Business Development in Floyd, Virginia
WASHINGTON – Today, U.S. Secretary of Commerce Wilbur Ross announced that the Department’s Economic Development Administration (EDA) is awarding a $2.3 million grant to the Economic Development Authority of Floyd County, Virginia, to construct the Floyd Growth Center Building. The EDA grant, to be matched with $576,385 in local investment, is expected to spur $5 million in private investment.
“The Trump Administration is committed to supporting business development and protecting businesses from hardship,” said Secretary of Commerce Wilbur Ross. “The new Floyd Growth Center will provide the space and assistance necessary for new business to grow while also ensuring businesses remain operational and resilient in the face of natural disasters.”
“EDA is proud to support Floyd County’s strategy to nurture and protect business interests,” said Dana Gartzke, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “Designed to withstand natural disasters, the new Floyd Growth Center Building will support essential training and the continued success of local businesses within the regional economy.”
“I’m thrilled to know that with these federal dollars, the Floyd Growth Center will be able to support local businesses and help fuel private investment in Floyd County,” said Senator Mark Warner. “I can’t think of a more important time to help strengthen our small businesses and ensure that they are able to endure even the most difficult of circumstances.”
“The EDA’s support for the Floyd Growth Center Building is a significant investment in our region’s economic development,” said Congressman H. Morgan Griffith (VA-09). “It will promote long-term growth and job creation, as well as build capacity for resilience and recovery in the face of natural disasters. This award attests to the Trump Administration’s strong commitment to rural economies such as Floyd County’s.”
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) 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.
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.