U.S. Department of Commerce Invests $5.5 Million in CARES Act Recovery Assistance to Support Industrial, Tourism, and Manufacturing Growth and Resiliency Efforts in Tennessee
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding $5.5 million in CARES Act Recovery Assistance grants to help the state of Tennessee prevent, prepare for, and respond to coronavirus.
“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. “The EDA investments announced today will make critical water infrastructure upgrades needed to grow industry, aid in the re-opening of the state’s tourism economy, and strengthen the resiliency of Tennessee manufacturers.”
“Tennessee industries struggling to recover deserve timely, targeted, and temporary relief,” said Senator Marsha Blackburn. “The additional CARES Act grants from the U.S. Department of Commerce will help meet our community’s need and serve as an essential step in recovery efforts.”
“I’m pleased the EDA is investing $5.5 million from the CARES Act to the great state of Tennessee,” said Senator Bill Hagerty. “These grants will be matched by private sector dollars and speed Tennessee’s recovery from the economic fallout caused by the pandemic. Nashville’s tourism and hospitality industry has suffered deeply during the COVID-19 pandemic and resulting recession. In addition, this is also great news for business and manufacturing in East Tennessee, and will help create new, good-paying jobs and opportunities for those communities in Oneida and Knoxville who have been hard hit.”
“Incredible news from the U.S. Department of Commerce,” said Congressman Chuck Fleischmann (TN-03). “The Town of Oneida, Tennessee, will receive $2.5 million to make improvements to the town’s existing water treatment plant. This funding will have a positive impact for the Oneida community.”
The EDA investments announced today are:
- The Town of Oneida, Tennessee, will receive $2.5 million to make improvements to the town’s existing water treatment plant to support ongoing operations of existing businesses and future planned business growth. The project is expected to create 158 jobs and generate $2.9 million in private investment.
- The Nashville Convention and Visitors Bureau, Nashville, Tennessee, will receive $2 million to develop a comprehensive strategic marketing plan to aid in the re-opening of the region’s tourism economy. The project will be matched with $1.6 million in local funds.
- The University of Tennessee, Knoxville, Tennessee, will receive $1 million to implement a Business Continuity Planning program in support of the Tennessee Manufacturing Resiliency Initiative, a statewide effort to enhance resiliency of manufacturers to mitigate pandemic-related losses and to bounce back from disruptions to the economic base. The project will be matched with $255,960 in local funds.
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.