business incubator program
Press Release - August 30, 2022
U.S. DEPARTMENT OF COMMERCE INVESTS $677,440 IN AMERICAN RESCUE PLAN FUNDS TO BOOST ENTREPRENEURSHIP GROWTH EFFORTS IN RURAL HUERFANO COUNTY, COLORADO
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WASHINGTON – Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $677,440 grant to Huerfano County, Colorado, to establish a business incubator program to support local, retail-based entrepreneurs. This grant is funded by the American Rescue Plan.
The project will provide startup training and services for new rural, retail-based businesses leading to a robust, diversified regional economy. This EDA grant will be matched with $169,360 in local funds and is expected to create 32 jobs, according to grantee estimates.
“The Economic Development Administration plays an important role in supporting community-led economic development strategies designed to boost coronavirus recovery and response efforts,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This EDA investment will provide critical services and support for entrepreneurs in this rural region, leading to new economic opportunity and job and a stronger regional economy.”
“This exciting grant for Huerfano County builds upon our work creating a great environment for small business success and creating new good-paying jobs for Coloradans, and we welcome Secretary Raimondo’s support for rural Colorado,” said Governor Jared Polis.
“This funding we secured in the American Rescue Plan will make sure Huerfano County has the resources it needs to support entrepreneurs in the region, create jobs, and expand economic opportunities for Coloradans,” said Senator Michael Bennet. “It’s wonderful to see this support come to rural communities in Colorado to grow our local economies.”
“Small businesses are our lifeblood. This EDA investment will empower Huerfano County’s entrepreneurs and create good-paying jobs for Southern Colorado,” said Senator John Hickenlooper.
This project was made possible by the regional planning efforts led by Southern Colorado Economic Development District (SCEDD). EDA funds SCEDD 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 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.
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