Economic Development Boost for Larimer County with $544,000 Grant
WASHINGTON – The U.S. Department of Commerce’s Economic Development Administration (EDA) has allocated a $544,000 grant to support the Warehouse Business Accelerator located in Loveland, Colorado. This initiative aims to strengthen the small manufacturing and technology sectors across Larimer County.
With the region facing challenges due to wildfire incidents, this grant is intended to offer new funding opportunities for local entrepreneurs, promoting economic diversification. The EDA’s financial assistance will be complemented by $136,000 from local resources and is anticipated to result in the creation of 120 jobs and attract $40 million in private investments, according to estimates provided by the grant recipients.
Acting Assistant Secretary of Commerce for Economic Development Cristina Killingsworth emphasized the importance of community collaboration: “The Economic Development Administration works closely with communities in Colorado and across the country to support locally led economic development. This investment will support second-stage manufacturing and technology entrepreneurs and small businesses in Larimer County by expanding local capacity and technology resources, creating a stronger regional economy.”
Governor Jared Polis expressed enthusiasm about the initiative: “In Colorado, we are focused on strengthening industries across our state and making sure local entrepreneurs can innovate and grow their businesses. We are thrilled to announce this grant, which will empower local manufacturing and technology companies to create jobs and attract investment, all while building a more resilient Larimer County.”
Funding for this project comes through the Disaster Relief Supplemental Appropriations Act, 2023. The Act allocated $483 million to the EDA’s Economic Adjustment Assistance Program, targeting disaster relief and recovery for areas affected by major disasters in 2021 and 2022, as declared under the Robert T. Stafford Act. Disasters covered include Hurricanes Ian and Fiona, wildfires, and flooding. Further details can be found on the EDA’s Disaster Supplemental webpage.
