U.S. Department of Commerce Invests $2.4 Million in CARES Act Recovery Assistance to Support Entrepreneurial Growth Efforts in Wyoming
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $2.4 million CARES Act Recovery Assistance grant to the University of Wyoming, Laramie, Wyoming, to expand services and support for entrepreneurs across the state of Wyoming. This EDA grant, to be matched with $600,000 in local investment, is expected to create 368 jobs and generate $1 million in private investment.
“Supporting local strategies designed to create stronger and more resilient economies in response to the coronavirus pandemic is a top priority for EDA,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “This project will broaden the University of Wyoming’s IMPACT 307 business incubator program to serve statewide clients through a hybrid virtual and in-person startup launch and entrepreneurial support structure.”
This project will expand business incubation and launch support services by providing them in digital as well as physical environments to respond to negative economic impacts of the pandemic and diversify the base of employers in the state. Through dedicated startup and entrepreneurial assistance, this program will develop an environment and the necessary knowledge for startups to flourish and for Wyoming’s economy to become more resilient by increasing innovation and reducing their dependence on any single industry.
This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136 PDF), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic.
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.