U.S. Department of Commerce Invests $948,000 in American Rescue Plan Funds to Support Entrepreneurial Development in Streator, Illinois
WASHINGTON – Today, the Department of Commerce’s Economic Development Administration (EDA) is awarding a $948,000 grant to the city of Streator, Illinois, to renovate the Streator Incubator building. This grant is funded by the American Rescue Plan.
This grant will allow for structural, HVAC and technology upgrades, as well as the installation of a fire alarm system and parking improvements, attracting high-growth start-ups and entrepreneurs throughout the LaSalle County region. The EDA investment will be matched with $237,000 in local funds and is expected to create 50 jobs and generate $1 million in private investment, according to grantee estimates.
“The Economic Development Administration plays an important role in supporting locally-driven strategies designed to stimulate entrepreneurial activity,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This EDA project in Streator will deliver resources that small businesses need to thrive, bring new jobs to LaSalle County and ensure that the region is resilient to future economic shocks.”
“This American Rescue Plan grant from the Economic Development Administration will go far in supporting Streator as it renovates the Streator Incubator building,” said Senator Dick Durbin. “I look forward to seeing this federal financing play a significant role in helping bring new jobs to LaSalle County and its small businesses thrive.”
“The Streator Incubator building is a significant hub for local small businesses and new start-ups,” said Senator Tammy Duckworth. “By renovating and upgrading the building, the City of Streator can continue to draw in new local business, create jobs and expand economic development opportunities.”
This project is funded under EDA’s American Rescue Plan Economic Adjustment Assistance program, which makes $500 million in Economic Adjustment Assistance grants available to American communities. The Economic Adjustment Assistance program is EDA’s most flexible program, and grants made under this program will help hundreds of communities across the nation plan, build, innovate, and put people back to work through construction or non-construction projects designed to meet local needs. Effective May 26, 2022, EDA has officially closed all of its American Rescue Plan programs for applications. The $3 billion program funding will be awarded on a rolling basis through September 30, 2022.
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.