The U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $960,000 grant to The Enterprise Center in Philadelphia to establish the Infrastructure Innovations and Business Opportunities Center in Newark.
This grant will connect socially and economically disadvantaged contractors and businesses to large-scale infrastructure projects in the region. This EDA grant will be matched with $240,000 in local funds, is expected to create 100 jobs, and generate $50 million in private investment, according to grantee estimates.
“The Economic Development Administration is pleased to provide targeted, place-based grants designed to support local business development,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “The new facilities will provide local contracting firms with the resources necessary to procure large-scale infrastructure projects in northern New Jersey and New York City, creating jobs and economic diversification in the region.”
“New Jersey thanks the Biden Administration for its significant support and looks forward to welcoming The Enterprise Center to the Garden State’s largest city,” said Governor Phil Murphy. “This Economic Development Administration grant will generate tens of millions of dollars in private investment as we continue to modernize and bolster critical infrastructure in one of the most important transportation corridors in the world. Most importantly, the Infrastructure Innovations and Business Opportunities Center will complement my Administration’s efforts to expand economic opportunity by connecting historically disadvantaged contractors to projects and generating family-sustaining jobs.”
“All across Northern New Jersey, small businesses are struggling with ongoing challenges,” said Senator Bob Menendez. “Grants like these are critical to providing the funding and resources necessary to not only create good paying jobs for New Jerseyans, but also generate large-scale infrastructure projects to support communities in the region.”
“This funding will help create pathways for more local businesses to participate in vital infrastructure projects that create jobs and drive investment,” said Senator Cory Booker. “Creating opportunity for local businesses to engage in large-scale projects promotes economic growth and levels the playing field for often-overlooked businesses. I applaud the Biden Administration’s efforts to invest in growing local economies and look forward to seeing the positive impact this funding will have on Newark and our state.”
To access more business news, visit NJB News Now.Related Articles: