U.S. Department of Commerce Invests $4.7 Million in CARES Act Recovery Assistance to Support Business Growth and Economic Development Resiliency Efforts in Alabama
WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding $4.7 million in CARES Act Recovery Assistance grants to help the state of Alabama prevent, prepare for, and respond to the coronavirus.
“President Biden is committed to unleashing the full power of the federal government to ensure our nation not only recovers from this pandemic but builds back stronger,” said Secretary of Commerce Gina Raimondo. “These EDA investments will deliver critical support to businesses in Alabama to help them recover from the economic impacts of the coronavirus pandemic.”
“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. “These EDA investments will grow businesses and create jobs by expanding a regional sewer system in Gadsden and by supporting the capital needs of businesses in Montgomery.”
“As Alabama’s businesses continue to reopen and recover from COVID-19, these funds will play a key role in fueling the economic response,” said Senator Tommy Tuberville. “By investing in our rural communities we are investing in the future of our great state. Programs like these are how Alabamians want to see their tax dollars at work – helping the communities they live in to grow and prosper.”
“I am very pleased that Gadsden’s Water Works and Sewer Board has been awarded a grant from the Economic Development Administration,” said Congressman Robert B. Aderholt (AL-04). “This funding will go a long way in making a significant impact for the City. I know the folks in Gadsden will be excited to hear about this great news, and I join them in thanking EDA for investing in Northern Alabama.”
The EDA investments announced today are:
- The Business Council of Alabama, Montgomery, Alabama, will receive a $3 million EDA CARES Act Recovery Assistance grant to create and implement a long-term economic recovery strategy for businesses, nonprofits, and communities in response to the coronavirus pandemic. The strategy will focus on low-income and rural locations, and minority-owned businesses. The project will be matched with $750,000 in local funds.
- The Water Works and Sewer Board of the City of Gadsden, Alabama, will receive a $1.7 million EDA CARES Act Recovery Assistance grant to build a more resilient local economy by upgrading the Airport Road Sanitary Sewer System to support established businesses and attract new industry to the area as it recovers from the economic impacts of the coronavirus pandemic. The project, to be matched with $421,920 in local funds, is expected to retain 974 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.