U.S. Department of Commerce Invests $979,837 in CARES Act Recovery Assistance to Support Agricultural Entrepreneurship in the Federated States of Micronesia
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $979,837 CARES Act Recovery Assistance grant to the College of Micronesia, Pohnpei, Federated States of Micronesia (FSM) to support economic opportunity and food security in the FSM through implementation of an agricultural entrepreneurship program. This EDA grant, to be matched with $72,494 in local investment, is expected to create 33 jobs, retain 25 jobs, and generate $2 million in private investment.
“The Economic Development Administration is committed to helping communities 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 assist the College of Micronesia deliver training in hydroponics designed to foster new businesses and increase food security in the FSM.”
This project will support the implementation of an entrepreneurship development program by the College of Micronesia. It will include training and education on hydroponic technology and small business development for students interested in hydroponic farming. Post start-up support in the form of counseling and small business loan application assistance will also be offered to program participants.
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.