The U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $1.5 million grant to the University of Southern California, Los Angeles, California to develop a technical assistance program in support of small businesses and communities in Southern California. This EDA grant will be matched with $375,022 in local investment.
“The EDA is committed to fulfilling its congressional mandate under the CARES Act to support our nation’s economy following the impacts of COVID-19,” said Dennis Alvord, Performing the Delegated Duties of the Assistant Secretary of Commerce for Economic Development. “This investment will enable California to rebound from the coronavirus pandemic, create new opportunities for business growth in the state, and build a more resilient economy for its future.”
This project will support the University of Southern California in the implementation of a technical assistance program to support small businesses and communities in Southern California through the creation of a regional post-pandemic economic recovery strategy and the development of a financial capital access program.
The CARES Act provided EDA with $1.5 billion for economic development assistance programs to help communities prevent, prepare for, and respond to the coronavirus pandemic.
EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) 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. For complete information, please visit our recently updated EDA CARES Act Recovery Assistance page.
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 makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.
This article was released by the U.S. Department of Commerce.