Major announcements were made last week regarding the U.S Economic Development Administration’s (EDA) American Rescue Plan Funding. Six unique programs were announced, collectively called Investing in America’s Communities, and applications were opened immediately. What does this mean for you? This EDA investment is the largest economic development initiative from the Department of Commerce in decades and if utilized, can help your community #buildbackbetter than ever.
Programs include:
1. Build Back Better Regional Challenge ($1 billion): Designed to revitalize regional economies.
2. Good Jobs Challenge ($500 million): This program will develop and strengthen regional workforce training systems and sector-based partnerships with a focus on programs targeted to women, people of color, and historically underserved communities.
3. Economic Adjustment Assistance ($500 million): Grants will help hundreds of communities put people back to work through projects tailored to meet local needs.
4. Indigenous Communities ($100 million): Program will work hand-in-hand with Tribal Governments and Indigenous communities to develop economic development projects
5. Travel, Tourism, and Outdoor Recreation ($750 million): Program will focus on accelerating the recovery of communities that rely on these sectors.
6. Statewide Planning, Research, and Networks ($90 million): Grants include funding for state planning efforts as well as grants to build Communities of Practice to extend technical assistance to support EDA’s work with grantees.