Stepping up to aid Gulf Coast companies impacted by the BP oil spill, the US Department of Commerce’s Economic Development Administration (EDA) consistently assists export companies in towns nationwide.
An announcement by the Department of Commerce on June 18th detailed the release of eight grants for the Gulf region totaling $10.27 million – most for economic development planning and coastal management – to be disbursed by the Commerce Department, including its Economic Development Administration (EDA) group. EDA’s portion to be disbursed totals about $1.8 million, and will aid economic development agencies in the region to provide capital support to small businesses recover and rebuild.
A longstanding DOC program, EDA is active in communities throughout the nation, consistently providing paths to success in global trade for companies within regions that are deemed to be economically disadvantaged as a result of international competition or unforeseen circumstances such as natural disasters. The typical route to companies in need is via area economic development councils.EDA’s different investment programs include Public Works and Economic
Development, Economic Adjustment Assistance, Research and National Technical Assistance, Local Technical Assistance, Planning Program, University Center Economic Development, and Trade Adjustment Assistance for Firms.
There’s a great blog at the Department of Commerce site, with a news-feed format that will illustrate how busy the program is. Read here.
If you administer an economic development corporation or economic trade zone, or if you’re a business with proof of disadvantage due to international competitive pressures, learn how the US Department of Commerce’s Economic Development Administration (EDA) might help level the playing field.