U.S. Department of Commerce Invests $587,395 in American Rescue Plan Funds to Strengthen Economic Development Organizations in Mayaguez, Puerto Rico
WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $587,395 grant to the Recinto Universitario Mayaguez, Mayaguez, Puerto Rico, to provide mentoring and technical assistance to 20 non-governmental organizations that support economic development efforts on the island. This grant is funded by the American Rescue Plan.
This project will improve the administrative and financial capacity of the participating organizations while providing the training necessary for future job growth. This EDA grant will be matched with $148,478 in local funds and is expected to create 54 jobs and generate $1 million in private investment, according to grantee estimates.
“The Economic Development Administration is pleased to support locally-driven strategies that are supporting businesses and creating jobs in Puerto Rico,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This project will provide the technical assistance to strengthen organizations that are focused on economic development and job growth and help build sustainability for decades to come.”
“Once again, the Biden Administration shows its commitment to Puerto Rico’s economic development by supporting this partnership between the Economic Development Administration and the University of Puerto Rico, Mayaguez Campus. This grant will provide the technical capacity necessary to boost economic development through job creation and new investment,” said Governor Pedro Pierluisi. “We thank the U.S. Department of Commerce for their commitment to the long-term economic recovery of Puerto Rico.”
“I’m pleased to see federal investment in Puerto Rico reaching our communities across the Island,” said Congresswoman Jenniffer González Colón. “Local organizations are a key component of our economy, therefore we must ensure resources are available for them to thrive in such trying times, while we are still recovering from natural disasters and the Covid-19 pandemic. I welcome this new EDA investment, which will directly impact 20 organizations in my district, create new jobs, and ramp up our economy. I have supported federal initiatives in Congress that enable investment and will continue to back up initiatives that build upon our recovery process efforts.”
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.