U.S. Department of Commerce Invests $754,840 in CARES Act Recovery Assistance to Support Medical Technology Innovators in Southeast Michigan
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $754,840 CARES Act Recovery Assistance grant to the Wayne State University Research and Technology Park, Detroit, Michigan, to support innovation and entrepreneurship in the region’s medical and manufacturing sectors. This EDA grant, to be matched with $249,900 in local investment, is expected to generate $5.5 million in private 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 Susan Brehm, Director of EDA’s Chicago Regional Office. “This EDA investment in Wayne State’s MedHealth initiative will boost efforts to leverage Southeast Michigan’s strengths in healthcare and manufacturing by building the capacity of the healthcare innovation ecosystem to accelerate the adoption of new technologies.”
“As we put Michigan back to work, I am grateful to our federal partners for investing in the future of medical technology, manufacturing, and research in Detroit,” said Governor Gretchen Whitmer. “This infusion of resources will generate millions in private investment, support entrepreneurship, and lead to groundbreaking innovations that save lives. With the incoming federal resources and our state budget surplus, this will help jumpstart our economy and ensure that our state will emerge from the pandemic stronger than ever before.”
“Wayne State University’s Research and Technology Park is a hub for innovation and entrepreneurship,” said Senator Debbie Stabenow. “This important investment will help spur medical innovation and create new jobs in the region.”
“I’m proud that funding we secured through the CARES Act will be used to support Wayne State’s Research and Technology Park,” said Senator Gary Peters. “This grant will generate significant investments in the community and will support the innovation and entrepreneurship that makes Michigan’s economy strong.”
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 invests in communities and supports regional collaboration in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.