U.S. Department of Commerce Invests $8 Million in CARES Act Recovery Assistance to Support Business Development and Job Creation Efforts in Texas.
WASHINGTON – Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding $8 million in CARES Act Recovery Assistance grants to help the state of Texas prevent, prepare for, and respond to coronavirus.
“The Biden Administration dedicates itself to creating new opportunities to put Americans back to work as we build back better from the pandemic,” said Secretary of Commerce Gina M. Raimondo. “These EDA investments will support business and job growth across Texas by facilitating aviation-related business investment in El Paso County and by providing critical infrastructure to attract new businesses and healthcare facilities in Prosper.”
“The Economic Development Administration is committed to supporting communities across the nation recover from the coronavirus pandemic,” said Michele Chang, Deputy Assistant Secretary for Policy. “These EDA investments will grow businesses and create hundreds of jobs, creating stronger and more resilient regional economies in Texas.”
“I thank the Economic Development Administration for supporting our small businesses and local communities through these grants that will attract new businesses and create jobs,” said Governor Greg Abbott. “Even during challenging times, Texas has continued to lead and grow, both on the national and international stages. These investments in our El Paso County and Prosper communities will help them continue to thrive and create hundreds of jobs as we unleash the full might of the Texas economy.”
“While Texans persevere as COVID-19 wreaks havoc on our state, we must take steps to ensure that our communities are equipped to weather the storm,” said Senator John Cornyn. “I applaud this announcement and will continue to do everything I can to make economic growth across Texas a high priority.”
“It’s important the Town of Prosper has the resources needed to support the needs of its growing community, and I’m pleased Prosper received support from the CARES Act to meet its water infrastructure needs,” said Congressman Van Taylor (TX-03). “I look forward to seeing these dollars thoughtfully and responsibly invested into the community to support local businesses, increase access to healthcare, and create jobs right here in North Texas.”
The EDA investments announced today are:
- El Paso County, Texas, will receive a $5 million EDA CARES Act Recovery Assistance grant to expand Fabens Airport by constructing five new hangars. The new infrastructure will serve as the anchor for developing a broader aviation technology business park to accommodate aviation-related business investment and job creation throughout the area. To be matched with $1.1 million in local funds, the project expects to create 200 jobs and retain 150 jobs.
- The town of Prosper, Texas, will receive a $3 million EDA CARES Act Recovery Assistance grant to make water infrastructure improvements needed to provide service to new businesses, including two new hospitals. To be matched with $6.4 million in local funds, the project expects to create 500 jobs.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136) funds the projects, which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. EDA CARES Act Recovery Assistance, which is administered under the authority of the bureau’s flexible Economic Adjustment Assistance (EAA) program, provides a wide range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic.
About the U.S. Economic Development Administration (www.eda.gov)
The U.S. Economic Development Administration’s (EDA) mission is to lead the federal economic development agenda by promoting competitiveness and preparing the nation’s regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.