U.S. Secretary of Commerce Gina Raimondo has revealed that the Department’s Economic Development Administration (EDA) will be providing a $1.3 million grant to Cedar Rapids, Iowa’s NewBo City Market. This funding is aimed at bolstering agricultural businesses through crucial infrastructure enhancements.
The grant is set to facilitate a significant expansion and renovation of the NewBo City Market facility, a move that will stimulate workforce growth while also lending substantial support to emerging small businesses. The EDA’s investment will be paired with an equal amount of local funds and is anticipated to generate around 40 jobs, as per the grantee’s estimates.
Gina Raimondo, the Secretary of Commerce, highlighted the commitment of the Biden-Harris administration to ensure that communities across the country, including in Iowa, have the necessary infrastructure to flourish. She said, “This EDA investment will allow for new businesses to start and grow in Cedar Rapids, supporting agricultural entrepreneurs and creating a stronger regional economy.”
Cristina Killingsworth, the Deputy Assistant Secretary for Policy and External Affairs who is currently performing the non-exclusive functions and duties of the Assistant Secretary for Economic Development, emphasized the collaborative role of the U.S. Economic Development Administration in fostering economic growth in local communities. She noted that the project “will expand the capacity at the NewBo City Market, allowing for more small businesses and creating jobs in the community.”
The project’s realization has been made possible through the regional planning efforts spearheaded by the East Central Iowa Council of Governments (ECICOG). The EDA provides funding to ECICOG for the integration of public and private sectors, allowing for the creation of an economic development roadmap that strengthens the regional economy, fosters private capital investment, and leads to job creation.
