U.S. Secretary of Commerce Announces $2.3m EDA Investment in West Virginia
U.S. Secretary of Commerce, Gina Raimondo, today announced that the Department’s Economic Development Administration (EDA) is investing $2.3 million in West Virginia. The investment aims to support small businesses and entrepreneurs in the state.
The EDA investment is divided between two projects. The Center for Applied Research & Technology, Inc., located in Princeton, will receive $1.5 million to establish the WV CREATE Center. This initiative will provide support to small businesses and entrepreneurs, and will be matched with $365,000 in local funds. The High Technology Foundation, based in Fairmont, will receive $848,800 to cover operational expenses for a statewide collaborative entrepreneurial assistance program. This EDA investment will be matched with $212,200 in local funds.
Secretary Raimondo emphasized the Biden-Harris Administration’s commitment to ensuring communities have the resources and support they need to flourish. She mentioned that small businesses are vital to the American economy and these EDA investments will facilitate Princeton and Fairmont in better supporting local businesses, creating good paying jobs and boosting their economies.
Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo affirmed that the Economic Development Administration seeks to provide communities with essential resources for businesses to thrive. The investments in Princeton and Fairmont will help foster entrepreneurial innovation and small business development in West Virginia, leading to economic resiliency in the region.
The High Technology Foundation project was enabled by the regional planning efforts led by the Regional Intergovernmental Council (RIC). The EDA funds RIC to unite public and private sectors to develop an economic roadmap, bolster the regional economy, support private capital investment, and create jobs.
These projects are funded under the Assistance to Coal Communities (ACC) initiative, which awards funds on a competitive basis to communities severely impacted by the declining use of coal. ACC projects support economic diversification, job creation, capital investment, workforce development, and re-employment opportunities.
