The U.S. Department of Commerce’s Economic Development Administration (EDA) announced today a grant of $700,000 to Jonesboro Unlimited, based in Jonesboro, Arkansas. The funding is meant to bolster business development and expansion in the area.
The grant will go towards the JumpStart Jonesboro Project, a program offering comprehensive business assistance to local entrepreneurs and small businesses. The EDA’s investment will be supplemented with $175,000 in local funds, creating a substantial financial aid package for business growth.
Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo underlined the EDA’s crucial role in driving local disaster recovery and resiliency plans. She further elaborated that the investment will equip the local economy with the necessary tools to recover completely and thrive in the event of future natural disasters.
The East Arkansas Planning & Development District (EAPDD) led the regional planning efforts making this project feasible. EDA funds EAPDD to unite the public and private sectors in establishing an economic development roadmap that will bolster the regional economy, encourage private capital investment, and create jobs.
The Disaster Relief Supplemental Appropriations Act, 2023, funds this project. This act granted the EDA an additional $483 million in Economic Adjustment Assistance (EAA) Program funds for disaster relief and recovery for areas that received a major disaster declaration under the Robert T. Stafford Act due to Hurricanes Ian and Fiona, wildfires, flooding, and other natural disasters that occurred in 2021 and 2022.
