U.S. Department of Commerce Invests $3.8 Million in CARES Act Recovery Assistance to Support Innovation and Entrepreneurship in Flint, Michigan
WASHINGTON – Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding a $3.8 million CARES Act Recovery Assistance grant to the University of Michigan-Flint, Flint, Michigan, to construct the university’s new College of Innovation and Technology. This EDA grant, to be matched with $4.9 million in local funds, is expected to create 126 jobs, retain 175 jobs, and generate $10.4 million in private investment.
“The pandemic exposed the need for economic diversification and resiliency in many regions across the United States,” said Secretary of Commerce Gina M. Raimondo. “This EDA investment on the University of Michigan-Flint campus will fuel innovation and entrepreneurship and ensure our nation recovers from the pandemic and builds back stronger.”
“This catalytic investment in Flint, Michigan, will connect industry partners with the university to spark job creation,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This project will provide for the construction of the new 17,000-square foot Innovation and Technology Center, a one-stop business gateway for training and research, innovation and job recruitment.”
“We are grateful to Secretary Raimondo and the Biden Administration for investing in University of Michigan-Flint's College of Innovation and Technology,” said Governor Gretchen Whitmer. “This grant will help us usher in a new era of prosperity by supporting over 300 good-paying jobs and generating $10.4 million in private investment.”
“The University of Michigan-Flint continues to educate the next generation of leaders and innovators,” said Senator Debbie Stabenow. “This new center will spur new partnerships, investments and jobs in the region.”
“Ensuring that our workforce has the skills to succeed in the 21st century economy is critical to keeping Michigan as a hub for advanced manufacturing,” said Senator Gary Peters. “The College of Innovation & Technology at the University of Michigan-Flint will not only give students an opportunity to pursue a unique STEM education – but also help them secure good-paying jobs. I’ll keep working to ensure our state continues to be at the forefront of the future of innovation.”
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.