U.S. Department of Commerce Invests $2.4 Million in American Rescue Plan Funds to Boost Business Innovation and Investment in Texas
WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is investing $2.4 million in the state of Texas to develop critical infrastructure and other resources needed to support business innovation and investment in the state. These grants are funded by the American Rescue Plan.
- The city of Lockhart will receive a $1.7 million grant to support construction of a 2.5- mile wastewater treatment line, extending critical infrastructure to a new business park. The project will be matched with $420,000 in local funds and is expected to create 350 jobs, retain 48 jobs, and generate $48 million in private investment, according to grantee estimates.
- The Texas Higher Education Foundation (THEF), Austin, Texas, will receive a $650,000 grant to undertake a study on best practices in technology transfer and develop resources to guide adoption of those practices at Texas universities. The project will be matched with $165,000 in local funds.
“President Biden is dedicated to supporting communities as they seek to create new opportunities to spur business growth and create jobs,” said Secretary of Commerce Gina Raimondo. “These EDA investments in Texas will provide the infrastructure and knowledge resources needed to support the growth of new and existing businesses and provide resilience to future economic disruptions.”
“The Economic Development Administration is dedicated to working with communities to support their locally-driven strategies to recover and rebuild from the pandemic,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “These projects will support the innovation and infrastructure needed to spur investment in the Lone Star state.”
“I want to thank the Economic Development Administration for these investments to help develop critical infrastructure and resources to support business development in our state,” said Governor Greg Abbott. “These grants will assist in creating hundreds of jobs and boost infrastructure in the Lockhart community and fund technology transfer resources at our universities, leading to greater opportunities for economic growth and innovation in our state.”
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.