U.S. Department of Commerce Invests $595,654 in CARES Act Recovery Assistance to Launch Program to Support Regional Economies in Colorado
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $595,654 CARES Act Recovery Assistance grant to Colorado State University (CSU), Grand Junction, Colorado, to launch the Planning and Technical Support to Diversify Colorado Economic Opportunities program. This EDA grant will be matched with $150,212 in local investment.
“The Economic Development Administration is committed to helping communities across the nation implement strategies to mitigate economic hardships brought on by the coronavirus pandemic,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “This investment will boost Colorado State University’s capacity to provide the planning and technical assistance communities and businesses in three Colorado regions need to recover and grow back stronger.”
“I appreciate the Biden Administration’s partnership in our shared effort to build back even stronger than before,” said Governor Jared Polis. “With this grant, Colorado communities will be able to deliver a targeted and tailored economic approach to help small businesses, create jobs, and recover.”
“Colorado and our country still face hard months ahead as we continue to endure the economic fallout from the pandemic,” said Senator Michael Bennet. “This federal grant will support community led efforts to help the hardest-hit small businesses and local economies as they work to get back on their feet. We’re grateful for this investment in Colorado’s recovery efforts.”
“I’m grateful to see CARES Act funds awarded to Colorado today which will benefit our local economies and contribute to our state’s economic recovery and growth,” said Congressman Joe Neguse (CO-02). “These funds from the Economic Development Administration in particular will invest in entrepreneurship and the innovation and ingenuity that Colorado is known for.”
The project will deliver tailored assistance to the San Luis Valley, Northwest Mountains and Mesas, and Southern Colorado regions to increase business startup opportunities and create more resilient regional economies. CSU will provide roadmaps for communities to diversify their economies into sectors with strong potential for growth, help communities use market intelligence to refine their economic and community action plans, and provide a set of entrepreneurs to help local enterprises to start up or grow their networks. CSU will partner with Delta County to establish a supply and distribution program for preserved produce in their region.
This project was made possible by the regional planning efforts led by the San Luis Valley Development Resources Group, Associated Governments of Northwest Colorado, and Southern Colorado Economic Development District, which EDA funds to help 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 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.