U.S. Department of Commerce Invests $3.1 Million to Support Business Development and Job Growth in North Carolina
WASHINGTON – Today, U.S. Secretary of Commerce Gina Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding $3.1 million in grants to support business development and job growth in North Carolina communities impacted by the declining use of coal.
- Gateway Research Park Inc., Greensboro, will receive a $2.1 million grant to expand a manufacturing facility in support of the growth of minority-owned businesses. The EDA investment will be matched with $750,000 in local funds and is expected to create 33 jobs, retain 25 jobs and generate $3.1 million in private investment, according to grantee estimates.
- S.G. Atkins Community Development Corporation, Winston-Salem, will receive a $1 million grant for expansion of the Enterprise Center, to support the development of additional food-based businesses. The EDA investment will be matched with $300,000 in local funds and is expected to create 50 jobs, retain 15 jobs and generate $680,000 in private investment, according to grantee estimates.
“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 will support business and workforce efforts in North Carolina to help communities there build stronger, more robust local economies.”
“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. “EDA is pleased to support projects in Greensboro and Winston-Salem designed to drive innovation and create good-paying jobs.”
“North Carolina is the best place for business and the high paying jobs they’re bringing puts money in the pockets of every day working families,” said Governor Roy Cooper. “This funding will help boost the economy and strengthen the workforce in the Triad for years to come, and we’re glad to continue working with the Biden-Harris administration to help create more opportunities for all.”
“Federal investments in our local businesses create good-paying jobs and spur economic development, generating a stronger economy that works for everyone,” said Congresswoman Kathy Manning (NC-06). “I’m thrilled to see this strong investment to boost local manufacturing, minority-owned, and food-based businesses in Greensboro and Winston-Salem. With help from Congress and the Economic Development Administration, the Triad’s economy is not just recovering from the impacts of the pandemic – our economy is coming back stronger than ever.”
These projects were made possible by the regional planning efforts led by the Piedmont Triad Regional Council (PTRC). EDA funds PTRC to bring together the public and private sectors to create an economic development roadmap to strengthen the regional economy, support private capital investment and create jobs.
This project is funded under the Assistance to Coal Communities (ACC) initiative, through which EDA awards funds on a competitive basis to assist communities severely impacted by the declining use of coal. ACC projects support economic diversification, job creation, capital investment, workforce development, and re-employment opportunities.
This award is a great example of what communities can do under EDA’s new American Rescue Plan programs; particularly the $300 million Coal Communities Commitment. This investment will ensure that coal communities have the resources they need to recover from the pandemic and will help create new jobs and opportunities, including through the development or expansion of a new industry sector.
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.