U.S. Department of Commerce Invests $5.3 Million in CARES Act Recovery Assistance to the Russell Center for Innovation and Entrepreneurship to Expand Regional Economic Growth
WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $5.3 million CARES Act Recovery Assistance grant to the Russell Center for Innovation and Entrepreneurship, Atlanta, Georgia, to improve and expand the facility and increase their capacity to promote entrepreneurship, support sustainable economic growth, and create jobs in the region. This EDA grant will be matched with $1.3 million in local investment.
“Supporting our nation’s job-creating innovators and entrepreneurs is a major focus for the Biden Administration,” said Secretary of Commerce Gina Raimondo. “This EDA investment in the Russell Center for Innovation and Entrepreneurship will foster entrepreneurial opportunities and promote economic diversity in the Atlanta region.”
“The Economic Development Administration continues to support communities across the nation in developing strategies to mitigate economic hardships brought on by the coronavirus pandemic,” said Dennis Alvord, Acting Assistant Secretary of Commerce for Economic Development. “The Russell Center serves as a critical small business incubator, accelerator and resource center and expanding its capacity will assist the Atlanta region as it recovers from the coronavirus pandemic.”
“This grant to the Russell Center is incredible news for entrepreneurs, small business owners and job seekers who are desperately working to overcome the economic impacts of this pandemic—helping level the playing field for Black innovators in particular and building our state’s economy back stronger than ever,” said Senator Raphael Warnock. “I am proud to see additional federal resources flow to support vital job creation and entrepreneurism in Georgia, and will continue working to direct these crucial investments to every corner of our state.”
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.